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Biden on jobs report: Rebooting economy is not like "flipping on a light switch"

President Biden said Friday he remains confident that his economic plans are working and that the U.S. is on the path to a full recovery, following the release of a May jobs report that came in slightly below expectations.

Driving the news: The U.S. economy added 559,000 jobs last month, while the unemployment rate fell to a pandemic-low 5.8%. Biden touted the report as "great news for our economy," while cautioning that "we're going to hit some bumps" along the path to a full recovery.

Between the lines: Democrats and Republicans are already using Friday's jobs report as a frame to either support or attack Biden's multitrillion-dollar spending plans, including his infrastructure proposal.

  • "Joe Biden and Democrats’ failed policies have given us another month where the economy fell short of expectations while Americans see prices for gas, groceries, and other essentials skyrocket," Republican National Committee chair Ronna McDaniel said in a statement.
  • Republicans have argued that generous unemployment benefits are keeping Americans from seeking jobs, but the bigger picture is more complex, as Friday's jobs report showed.

What he's saying: "No other major economy in the world is going as fast as ours. No other major economy is growing as quickly as ours. And none of the success is an accident, it isn't luck," Biden said in remarks from the White House.

  • "Now is the time to accelerate the process we've been making. Now is the time to build on the foundation we laid," he said, pointing to the $1.9 trillion COVID relief plan passed by Congress. "Because while progress is undeniable, it is not assured."
  • Biden seemed to acknowledge that the job numbers were lower than expected, saying: "We can't reboot the world's largest economy like flipping on a light switch. There's going to be ups and downs in jobs and economic reports."

Go deeper: Read Axios' breakdown of the May jobs report

Why the startup world needs to ditch "unicorns" for "dragons"

When Aileen Lee originally coined the term "unicorn" in late 2013, she was describing the 39 "U.S.-based software companies started since 2003 and valued at over $1 billion by public or private market investors."

Flashback: It got redefined in early 2015 by yours truly and Erin Griffith, in a cover story for Fortune, as any privately-held startup valued at $1 billion or more. At the time, we counted 80 of them.

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Scoop: Facebook's new moves to lower News Feed's political volume

Facebook plans to announce that it will de-emphasize political posts and current events content in the News Feed based on negative user feedback, Axios has learned. It also plans to expand tests to limit the amount of political content that people see in their News Feeds to more countries outside of the U.S.

Why it matters: The changes could reduce traffic to some news publishers, particularly companies that post a lot of political content.

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Scoop: Amazon quietly getting into live audio business

Amazon is investing heavily in a new live audio feature that's similar to other live audio offerings like Clubhouse, Twitter Spaces and Spotify's new live audio platform, sources tell Axios.

Why it matters: As with Amazon's efforts in podcasting and music subscriptions, the company sees live audio as a way to bolster the types of content it can offer through its voice assistant, Alexa, and its smart speaker products.

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Hurricane Ida exposes America's precarious energy infrastructure

The powerful hurricane that plunged New Orleans into darkness for what could be weeks is the latest sign that U.S. power systems are not ready for a warmer, more volatile world.

The big picture: “Our current infrastructure is not adequate when it comes to these kinds of weather extremes,” Joshua Rhodes, a University of Texas energy expert, tells Axios.

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"We must go further": 70% of adults in European Union are fully vaccinated

About 70% of adults in the European Union are fully vaccinated against COVID-19, Ursula von der Leyen, the president of the European Commission, said Tuesday.

Why it matters: The milestone makes the E.U. one of the world's leaders in inoculations, after an initially lagging vaccine campaign, the New York Times notes.

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What Elizabeth Holmes jurors will be asked ahead of fraud trial

Jury selection begins today in USA v. Elizabeth Holmes, with the actual jury trial to get underway on Sept. 8.

Why it matters: Theranos was the biggest fraud in Silicon Valley history, putting both hundreds of millions of dollars and thousands of patients' health at risk.

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