Aug 3, 2018

U.S. adds fewer jobs than expected but preserves positive streak

The U.S. economy added 157,000 new jobs in July and the unemployment rate fell to 3.9%, but wage growth continued to lag behind inflation. Economists surveyed by Bloomberg forecast 193,000 new jobs and an unemployment rate of 3.9%.

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Data: Bureau of Labor Statistics; Chart: Axios Visuals

The bottom line: The U.S. economy is still in the longest-ever streak of job growth. The Labor Department today also increased prior month estimates for job growth. "The reality is the economy is on a very strong trajectory," Invesco Chief Global Market Strategist Kristina Hooper tells CNBC. Yet a years-long wages slog for working America continues.

Joe Brusuelas, chief economist at RMS: "While, the job gains are stout, we are growing increasingly concerned that average hourly earnings are simply not keeping up the pace of inflation. Given that, the consumer price index is up 2.9 percent over the past year it would be generous to describe inflation-adjusted gains as flat."

Ben Casselman of the New York Times:

University of Michigan Economist Justin Wolfers:

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Axios
Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 10,836,500 — Total deaths: 520,605 — Total recoveries — 5,723,808 — Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 2,735,554 — Total deaths: 128,684 — Total recoveries: 781,970 — Total tested: 33,462,181 — Map.
  3. Public health: The states where face coverings are mandatory — Regeneron stops trial after drug fails to help patients — What we know about the coronavirus immune response — Fauci says it has been a "very disturbing week" for the spread of the coronavirus in the U.S.
  4. Business: Top business leaders urge the White House to develop mandatory mask guidelines.
  5. Politics: Herman Cain hospitalized for COVID-19 after attending Trump Tulsa rally — Biden downplays jobs number, rebukes Trump for ignoring health crisis.
  6. Economy: The economy may recover just quickly enough to kill political interest in more stimulus.
  7. States: Texas mandates face masks in public spaces — Florida reports more than 10,000 new coronavirus cases, and its most-infected county issues curfew.
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Orion Rummler
2 hours ago - Health

Fauci: Coronavirus surges mark a "very disturbing week" in the U.S.

Fauci testifies to the Senate Health, Education, Labor and Pensions Committee on June 30. Photo: Al Drago/AFP via Getty Images

NIAID director Anthony Fauci told medical journal JAMA on Thursday that it has been a "very disturbing week" for the spread of the novel coronavirus in the U.S.

What's happening: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Caitlin Owens reports.

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Dave Lawler
Updated 3 hours ago - World

The 53 countries supporting China's crackdown on Hong Kong

Note: The U.S. has been highly critical of China over the law, but withdrew from the UN Human Rights Council in 2018; Map: Danielle Alberti/Axios

Dueling statements at the UN Human Rights Council in Geneva shed light on geopolitical currents far beyond the walls of that institution.

Driving the news: China's Foreign Ministry and state media declared victory after 53 countries backed Beijing's new national security law for Hong Kong. Just 27 criticized the law, which imposes harsh penalties for vaguely defined political crimes and is widely viewed as the death knell for Hong Kong's autonomy.

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