Expand chart
Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. added 213,000 jobs last month and the unemployment rate rose to 4% as more people — especially new graduates — entered the labor force. Economists surveyed by Bloomberg forecast 195,000 new jobs and unemployment holding at 3.8%. The U.S. added 223,000 jobs in May.

Why this matters: As the NYT notes, this is the 93rd straight month of job creation — the longest streak on record.

What to watch: Will President Trump's escalating trade war begin to weigh on job growth?

Thought bubble: The 0.2% uptick in joblessness was notable, too. It was the largest rise in two years, and a blotch on a remarkable, several-year slide in unemployment. Analysts will be alert to what comes next given the possibility that the U.S. trade war with China and Europe could impact business investment, and new hiring going forward.

  • Mark Zandi, chief economist at Moody's Analytics, tells Axios that the tariffs war initiated by the U.S. at this point is too small to spook businesses, still basking in the Trump tax cut earlier this year along with higher government spending.
  • But, he adds, "if the trade war continues to escalate, then the economic pain will mount, and under some (still remote) scenarios, they could even undermine the expansion."
  • In minutes of its June meeting released yesterday, the Fed said its business contacts had signaled concern about the tariffs, and suggested there could be an impact on their decisions about future investment.

Wages continued to be flat, with a tepid 2.7% increase in average pay, as companies continued to stubbornly hold back labor costs in the tight market. But Jordan Cohen, vice president of marketing for Ladders, the site for jobs paying at least $100,000 a year, tells Axios that June was a big month for high-paying positions.

  • The number of jobs listed on the site rose above 212,000, the first time they have gone over 200,000 this year.

Instant analysis from the NYT:

And Bloomberg:

Go deeper

Updated 13 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 12,009,301 — Total deaths: 548,799 — Total recoveries — 6,561,969Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 3,053,328 — Total deaths: 132,256 — Total recoveries: 953,420 — Total tested: 37,532,612Map.
  3. Public health: Houston mayor cancels Republican convention over coronavirus concerns Deaths are rising in hotspots — Déjà vu sets in as testing issues rise and PPE dwindles.
  4. Travel: United warns employees it may furlough 45% of U.S. workforce How the pandemic changed mobility habits, by state.
  5. Education: New York City schools will not fully reopen in fallHarvard and MIT sue Trump administration over rule barring foreign students from online classes.
  6. 🎧 Podcast: A misinformation "infodemic" is here.

Transcripts show George Floyd told police "I can't breathe" over 20 times

Photo: Gary Coronado/Los Angeles Times via Getty Images

Newly released transcripts of bodycam footage from the Minneapolis Police Department show that George Floyd told officers he could not breathe more than 20 times in the moments leading up to his death.

Why it matters: Floyd's killing sparked a national wave of Black Lives Matter protests and an ongoing reckoning over systemic racism in the United States. The transcripts "offer one the most thorough and dramatic accounts" before Floyd's death, The New York Times writes.

5 hours ago - Health

Fighting the coronavirus infodemic

Illustration: Sarah Grillo/Axios

An "infodemic" of misinformation and disinformation has helped cripple the response to the novel coronavirus.

Why it matters: High-powered social media accelerates the spread of lies and political polarization that motivates people to believe them. Unless the public health sphere can effectively counter misinformation, not even an effective vaccine may be enough to end the pandemic.