Unemployment

A more inclusive jobs rebound

Illustration: Rebecca Zisser/Axios

Job prospects are finally rising for people of color in the U.S, a development with big implications for 2020 political races.

Why it matters: African-Americans, Hispanics, Latinx and others left behind are finally starting to reap rewards from the economic boom. And in a major shift, the Federal Reserve is listening to people who say the central bank should use its policies to help sustain the record-long expansion that's still in the early stages for low-income communities of color.

U.S. jobs market rebounds with 224,000 jobs in June

Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. economy added 224,000 jobs in June — far more than the 165,000 economists were expecting, while the unemployment rate edged slightly higher to 3.7% and wages grew at an annualized pace of 3.1%, the Labor Department said on Friday.

Why it matters: This is a significant rebound from the weak jobs report in May, calming concerns that the labor market — the standout of the 10-year U.S. economic expansion — was losing momentum at a rapid pace. It may, however, complicate financial markets' expectations of a series of interest rate cuts by the Federal Reserve starting as soon as this month.