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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 2 mins ago - Politics & Policy

Inauguration Day dashboard

U.S. Capitol and stage are lit at sunrise ahead of the inauguration of Joe Biden. Photo: Patrick Semansky - Pool/Getty Images

President Biden is delivering his inaugural address at the Capitol. Watch a livestream here.

What's next: Biden and Vice President Harris review readiness of military troops, a long-standing tradition to signify the peaceful transfer of power.

Updated 10 mins ago - Politics & Policy

In photos: The Biden and Harris inauguration

Joe Biden is sworn in as the 46th president of the United States. Photo: Alex Wong/Getty Images

Joe Biden and Kamala Harris were inaugurated as president and vice president respectively in a ceremony at the U.S. Capitol on Wednesday morning.

Why it matters: Top Democrats and Republicans gathered for the peaceful transfer of power only two weeks after an unprecedented siege on the building by Trump supporters to disrupt certification of Biden's victory. Trump did not attend Wednesday's ceremony.

Joe Biden sworn in as 46th president of the United States

Joe Biden was sworn in just before noon on Wednesday as the 46th president of the United States, in an inauguration ceremony unlike any other.

Why it matters: The 78-year-old Democrat assumes the presidency at a fraught moment for the country, which remains polarized and in the grips of a coronavirus crisis that has killed more than 400,000 Americans.