🧳 Axios PM: Lowest unemployment since 1969

Plus: Balloon watch | Friday, February 03, 2023

Open in app View in browser   Presented By Walmart   Axios PM By Mike Allen · Feb 03, 2023 Good afternoon. Today's newsletter, edited by Sam Baker and copy edited by Sheryl Miler, is 480 words, a 2-min. read.     1 big thing: Mind-blowing labor market Illustration: Shoshana Gordon/Axios   The U.S. added 517,000 jobs last month, bringing the unemployment rate to 3.4% — the lowest since 1969. Why it matters: Experts thought the Fed's campaign of interest-rate hikes would slow down the red-hot labor market. But it appears to have only gotten hotter. What's next: The blockbuster numbers could set up a conundrum for the Fed, Axios Macro authors Neil Irwin and Courtenay Brown write. "It's ... difficult to see the Fed stop raising rates and entertain ideas of rate cuts when there is such explosive economic news coming in," Seema Shah, chief global strategist at Principal Global Investors, wrote in a note. Go deeper.     2. 🇨🇳 Balloon grounds Blinken's China trip The balloon over Billings, Mont., on Wednesday. Photo: Chase Doak via Reuters Secretary of State Tony Blinken canceled a trip to China, which had been scheduled for this weekend, because of a high-altitude Chinese surveillance balloon that remains over the U.S. Blinken said at the State Department this afternoon that he has conveyed to China's government that this "is a clear violation of U.S. sovereignty and international law" and is "an irresponsible act." It would have been the first trip by a senior U.S. diplomat in six years. But the aerial spying has heightened tensions once again. "[W]e know that it's a surveillance balloon, and I'm not going to be able to be more specific than that," Pentagon press secretary Brig. Gen. Pat Ryder said at a briefing today. "And we do know that the balloon has violated U.S. airspace and international law, which is unacceptable. And so we've conveyed this directly to [China] at multiple levels." Ryder said the balloon was "moving eastward and it's over the continental U.S." He said the balloon "is maneuverable" and "has changed its course ... [W]e assess that it'll probably be over the United States for a few days." Briefing transcript.     A message from Walmart Walmart invests in associates with Associate-to-Driver program     The new program will allow associates an opportunity to earn their commercial driver's license through a 12-week training course. Associates working in participating locations across the retailer will be able to take full advantage of the program. Learn how Walmart is advancing careers.     3. Catch up quick Beyoncé performing in 2018. Photo: Larry Busacca/PW18/Getty Images for Parkwood Entertainment 🎤 Beyoncé has added more dates to her upcoming tour, increasing the risk that Ticketmaster will once again crumble under the pressure of selling tickets to a popular event. Go deeper. 🧊 Schools were closed today in Boston as New England braces for a polar blast that could bring record cold over the weekend. (Reuters) 🙈 A man suspected of stealing two rare monkeys from the Dallas Zoo was arrested while visiting the city's aquarium. (NBC News)     4. Biden's D.C. statehood snub President Biden's motorcade leaves the Capitol last month. Photo: Bill Clark/CQ-Roll Call via Getty Images President Biden appears to be snubbing D.C.'s "End Taxation Without Representation" license plates, Axios D.C. co-author Cuneyt Dil reports. The motto is the default on D.C. tags. Under presidents Bill Clinton and Barack Obama, it appeared on the plates for the presidential limousine, known as The Beast, as a show of solidarity with D.C.'s push for representation in Congress. But the plates on Biden's Beast don't include the phrase, Cuneyt found, as he pored over photos spanning Biden's entire presidency. The White House didn't respond to calls and emails seeking comment.     A message from Walmart Walmart creates opportunity through Associate-to-Driver program     The program allows associates a chance to earn their commercial driver's license and become full-fledged Private Fleet Walmart Drivers. The benefits: Walmart drivers can make up to $110k plus benefits in their first year on the job. Learn more about how Walmart is advancing associates' careers.   Are you a fan of this email format? Your essential communications — to staff, clients and other stakeholders — can have the same style. Axios HQ, a powerful platform, will help you do it.   Axios thanks our partners for supporting our newsletters. Sponsorship has no influence on editorial content. Axios, 3100 Clarendon B‌lvd, Arlington VA 22201   You received this email because you signed up for newsletters from Axios. To stop receiving this newsletter, unsubscribe or manage your email preferences.   Was this email forwarded to you? Sign up now to get Axios in your inbox.   Follow Axios on social media: