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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Trump introduces Amy Coney Barrett as nominee to replace Ruth Bader Ginsburg

President Trump announced he's nominating federal appeals court Judge Amy Coney Barrett to succeed Justice Ruth Bader Ginsburg on the Supreme Court.

Why it matters: She could give conservatives a 6-3 majority on the high court, and her nomination sets in motion a scramble among Senate Republicans to confirm her with 38 days before the election. Sen. Mitch McConnell appears to have the votes to confirm Barrett with the current majority.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4:15 p.m. ET: 32,673,978 — Total deaths: 990,738 — Total recoveries: 22,535,056Map.
  2. U.S.: Total confirmed cases as of 4:15 p.m. ET: 7,065,019 — Total deaths: 204,249 — Total recoveries: 2,727,335 — Total tests: 99,488,275Map.
  3. States: New York daily cases top 1,000 for first time since June — U.S. reports over 55,000 new coronavirus cases.
  4. Health: The long-term pain of the mental health pandemicFewer than 10% of Americans have coronavirus antibodies.
  5. Business: Millions start new businesses in time of coronavirus.
  6. Education: Summer college enrollment offers a glimpse of COVID-19's effect.

Confirmation hearings for Supreme Court nominee set to start Oct. 12

Sen. Lindsey Graham, chair of the Senate Judiciary Committee, on Sept. 24. Photo: Jabin Botsford/The Washington Post via Getty Images

Senate Judiciary Committee hearings for President Trump’s Supreme Court nominee are tentatively scheduled to begin Oct. 12, two Senate sources familiar with the plans told Axios.

Why it matters: The committee's current schedule could allow Senate Republicans to confirm the nominee weeks before November's election. Senate Majority Leader Mitch McConnell currently has enough votes to confirm Circuit Court Judge Amy Coney Barrett, who is expected as the president's pick.

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