A butcher arranges meat products. Photo: Spencer Platt/Getty Images

Chicken is starting to become Americans' favorite meat and beef looks to be be paying the price, per Bloomberg.

Why it matters: While there’s normally a decrease in demand of beef around this time at the end of grilling season, the declines this year are far more drastic than usual and beef prices are tumbling.

By the numbers: Wholesale-beef prices, a proxy for short-term demand, have fallen 10% from a peak in August, and an indicator for burgers has tumbled about 35%.

  • The U.S. Department of Agriculture this month cut its outlook for beef consumption and now projects that demand for beef will stay stagnant from last year.

Of note: Darden Restaurants Inc., the operator of Olive Garden and Longhorn Steakhouse, said beef inflation has been cutting into profit margins during its first quarter.

Go deeper: Popeyes' chicken sandwich and the future of fast food

Go deeper

Florida fully lifts coronavirus restrictions on restaurants

Photo: Don Juan Moore/Getty Images

Florida Gov. Ron DeSantis (R) announced Friday the state will completely reopen its economy, allowing restaurants at operate full capacity and barring localities from ordering businesses to close.

Why it matters: The state became one of the world's epicenters for the virus in July, forcing DeSantis to pause its first round of reopening.

2 hours ago - Economy & Business

Eyeing the end of gas-powered cars

Illustration: Eniola Odetunde/Axios

Gasoline-powered cars may be going the way of the woolly mammoth, even if it will take decades to replace them and seems hard to fathom today.

The big picture: Internal combustion engines (ICEs) have powered automobiles for more than 100 years. But the shift to electric vehicles, slow to materialize at first, is now accelerating due to tightening government policies, falling costs and a societal reckoning about climate change.

Virginia Gov. Ralph Northam tests positive for coronavirus

Photo: Zach Gibson/Getty Images

Virginia Gov. Ralph Northam (D) and his wife, Pamela, both tested positive for coronavirus, his office announced on Friday.

The state of play: The Northams were tested after one of their staff "who works closely within the couple's living quarters" tested positive. The governor is asymptomatic, while his wife is "experiencing mild symptoms." They plan to isolate at home for 10 days.

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