Rory McIlroy. Photo: Sam Greenwood/Getty Images

The second stop on the PGA Tour's annual jaunt through Florida gets underway today with the 2020 Arnold Palmer Invitational at Bay Hill.

Betting favorites: World No. 1 Rory McIlroy is the clear favorite at +550 ($10 bet would win $55) with Tommy Fleetwood (+1400), Bryson DeChambeau (+1600) and Xander Schauffele (+1800) next in line, per the Action Network.

How to watch: Golf Channel will carry live coverage today from 2–6 pm ET, with PGA Tour Live offering coverage all day (7 am–6 pm ET).

Feel-good story: At last year's Argentine Open, a fan with special needs inadvertently caused Brandon Matthews to miss a putt during a sudden-death playoff. The way Matthews compassionately responded to the fan was Arnold Palmer-like, according to Palmer's late family and tournament organizers, so they granted him a sponsor's exemption and added him to this week's field.

What's at stake: The winner will receive 500 FedEx Cup points and a $1.7 million cut of the $9.3 million purse.

Hole preview: The 18th (458-yard par-4) features one of the easiest tee shots on the course — and one of the toughest approach shots of the year. It's also seen its fair share of memorable moments.

  • 1990: 21-year-old Robert Gamez switched from a 6-iron to a 7-iron and bounced a 176-foot eagle into the cup to beat Greg Norman by one stroke.
  • 2008: Tiger Woods drained a 24-foot putt to capture his 64th Tour win, tying him with Ben Hogan.
  • 2009: Woods dramatically won, once again.

Go deeper

U.S. economy added 4.8 million jobs in June

Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. economy added 4.8 million jobs last month, while the unemployment rate dropped to 11.1% from 13.3% in May, according to government data released Thursday.

The state of play: While the labor market showed more signs of recovery when the government’s survey period ended in early June, the lag means that more recent developments, like the surge in coronavirus cases and resultant closures in some states, aren't captured in this data.

1.4 million Americans filed for unemployment last week

Photo: Wang Ying/Xinhua via Getty Images

Another 1.4 million Americans filed for unemployment last week, the Department of Labor announced Thursday.

Why it matters: New applications for unemployment remain historically high, suggesting layoffs are still widely prevalent. However, they remain well below the all-time record seen when the coronavirus pandemic first hit.

The crushing budget blow awaiting state and local government workers

Illustration: Eniola Odetunde/Axios

State and local government jobs are being gutted, even as the labor market shows signs of a slight recovery.

Why it matters: The coronavirus pandemic blew a hole in state and local government budgets. A slew of states cut spending and jobs — with more planned layoffs announced this week as states try to balance budgets.