Black Friday shoppers in Belarus on Nov. 29. Photo: Natalia Fedosenko\TASS via Getty Images

Americans spent a record $7.4 billion in online purchases this Black Friday, AP reports.

The big picture: Strong consumer spending has largely acted as the U.S. economy's backbone for the past two quarters and most of 2018. October's Q4 retail sales figures indicated solid, albeit slightly cautious, consumers.

What's next: Adobe Analytics expects Cyber Monday's online sales to hit $9.4 billion and break another all-time record, per AP.

  • Meanwhile, brick-and-mortar retailers saw a 2.1% drop in traffic on Friday compared to last year, according to RetailNext.

Go deeper: Consumers are picking up the lagging business sector's slack

Go deeper

Updated 22 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Politics: Trump says if Biden's elected, "he'll listen to the scientists"Trump calls Fauci a "disaster" on campaign call.
  2. Health: Coronavirus hospitalizations are on the rise — 8 states set single-day coronavirus case records last week.
  3. States: Wisconsin judge reimposes capacity limit on indoor venues.
  4. Media: Trump attacks CNN as "dumb b*stards" for continuing to cover pandemic.
  5. Business: Consumer confidence surveys show Americans are getting nervousHow China's economy bounced back from coronavirus.
  6. Sports: We've entered the era of limited fan attendance.
  7. Education: Why education technology can’t save remote learning.
2 hours ago - Health

Trump attacks CNN as "dumb b*stards" for continuing to cover pandemic

President Trump attacked CNN for continuing to cover the coronavirus pandemic, calling the network "dumb b*stards" at a campaign rally in Prescott, Arizona on Monday.

Why it matters: The president's attacks on the media and Anthony Fauci, the government's top infectious-disease expert, come as coronavirus cases and hospitalizations are again surging across the country, just two weeks out from Election Day.

3 hours ago - World

Deal to remove Sudan as terror sponsor paves way for Israel move

President Trump announced Monday that he will be removing Sudan from the State Department’s state sponsors of terrorism list after the Sudanese government agreed to pay $335 million in compensation for families of American victims of terrorism.

The big picture: Trump's announcement is part of a wider agreement that is expected to include moves from Sudan toward normalizing relations with Israel.