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

Household debt and credit delinquencies dropped during Q2

Reproduced from New York Fed Consumer Credit Panel; Chart: Axios Visuals

Americans cut back on credit cards and increased savings during the worst three-month economic period in U.S. history, as household debt fell for the first time in six years, data from the New York Fed showed.

By the numbers: Total debt declined 0.2% to $14.27 trillion in the second quarter, led by a $76 billion drop in outstanding credit-card balances.

Updated 4 hours ago - Health

World coronavirus updates

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

Australian officials in Victoria announced Sunday 17 more deaths from COVID-19 — a new state and national record.

The big picture: Australia was on track to suppress the novel coronavirus in May, but cases have been spiking in Victoria in recent weeks, where a state of disaster was declared last week, enabling officials to introduce restrictions including a night-time curfew in state capital Melbourne.

Aug 7, 2020 - Health

Africa records over 1 million coronavirus cases

A health worker in Nigeria checks students' temperatures on August 4. Photo: Pius Utomi Ekepei/AFP via Getty Images

African countries collectively surpassed 1 million confirmed coronavirus cases this week, according to Johns Hopkins University data.

Why it matters: Some health experts believe that the true number of COVID-19 cases among African countries is higher than that figure due to a lack of testing, and fear that undetected cases could overload some of the world’s weakest health systems, according to AP.