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Data: FRED; Note: Chart shows flow of revolving consumer credit owned and securitized ; Chart: Axios Visuals

Americans pulled back on revolving credit — namely their credit card use — as states began to impose shelter-in-place orders, new data from the Federal Reserve shows.

Why it matters: It’s the latest indication of how the coronavirus is changing consumer behavior.

This data is closely watched. How much consumers borrow is an indication of how much they'll spend — a key driver of economic growth.

  • "We expect further declines in revolving credit in the months ahead as consumer spending continues to decline," Nancy Vanden Houten, senior economist at Oxford Economics, wrote in a note.

Go deeper: The emerging coronavirus economy

Go deeper

Updated Oct 7, 2020 - Health

World coronavirus updates

Expand chart
Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

New Zealand now has active no coronavirus cases in the community after the final six people linked to the Auckland cluster recovered, the country's Health Ministry confirmed in an email Wednesday.

The big picture: The country's second outbreak won't officially be declared closed until there have been "no new cases for two incubation periods," the ministry said. Auckland will join the rest of NZ in enjoying no domestic restrictions from late Wednesday, Prime Minister Jacinda Ardern said, declaring that NZ had "beat the virus again."

Dan Primack, author of Pro Rata
Aug 15, 2020 - Technology

"Historic" laptop demand leads to shortages ahead of remote school

Illustration: Eniola Odetunde/Axios

American students are facing a shortage of laptops, particularly low-cost Chromebooks popular in K-8 schools, at the same time that many districts are choosing full-remote or hybrid reopening models.

Why it matters: No device = no education.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: The good and bad news about antibody therapies — Fauci: Hotspots have materialized across "the entire country."
  2. World: Belgium imposes lockdown, citing "health emergency" due to influx of cases.
  3. Economy: Conference Board predicts economy won’t fully recover until late 2021.
  4. Education: Surge threatens to shut classrooms down again.
  5. Technology: The pandemic isn't slowing tech.
  6. Travel: CDC replaces COVID-19 cruise ban with less restrictive "conditional sailing order."
  7. Sports: High school football's pandemic struggles.
  8. 🎧Podcast: The vaccine race turns toward nationalism.