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Data: New York Federal Reserve; Chart: Axios Visuals

The first piece of concrete data on the U.S. economy since the COVID-19 outbreak started to significantly impact U.S. firms was released Monday and the results were not good.

Driving the news: The New York Fed's Empire State business conditions index fell by a record 34.4 points this month to its lowest level since the financial crisis in 2009, based on surveys conducted March 2–10. Economists had expected a reading in the single digits.

  • “The impact of the coronavirus was still in its early stages at the time of this survey. Nonetheless, the early indications suggest that the impact was substantial,” said T.J. Connelly, head of research at Contingent Macro Advisors.

Details: The new orders index fell 31.4 points to -9.3 in March. Shipments fell 20.6 points to -1.7. Labor market indicators weakened. Optimism about the six-month outlook dropped to 1.2 from 22.9.

  • Perhaps most importantly, the New York Fed's survey revealed that the number of employees fell to -1.5 from 6.6, and the average workweek fell to -10.6.

Go deeper: The world needs Trump to save it from a coronavirus-induced recession

Go deeper

CDC: Fully vaccinated people can gather indoors without masks

Photo: Filip Filipovic/Getty Images

People who have been fully vaccinated against COVID-19 can take fewer precautions in certain situations, including socializing indoors without masks when in the company of low-risk or other vaccinated individuals, according to guidance from the Centers for Disease Control and Prevention released Monday.

Why it matters: The report cites early evidence that suggests vaccinated people are less likely to have asymptomatic infection, and are potentially less likely to transmit the virus to other people. At the time of its publication, the CDC said the guidance would apply to about 10% of Americans.

Dan Primack, author of Pro Rata
45 mins ago - Economy & Business

Ripple CEO calls for clearer crypto regulations following SEC lawsuit

Illustration: Sarah Grillo/Axios

Ripple CEO Brad Garlinghouse tells "Axios on HBO" that if his company loses a lawsuit brought by the SEC, it would put the U.S. cryptocurrency industry at a competitive disadvantage.

Why it matters: Garlinghouse's comments may seem self-serving, but his call for clearer crypto rules is consistent with longstanding entreaties from other industry players.

Republican Sen. Roy Blunt will not seek re-election in 2022

Photo: Alex Wong/Getty Images

Sen. Roy Blunt (R-Mo.), widely seen as a member of the Republican establishment in Congress, will not run for re-election in 2022, he announced on Twitter Monday.

Why it matters: The 71-year-old senator is the No. 4-ranking Republican in the Senate, and the fifth GOP senator to announce he will not run for re-election in 2022 as the party faces questions about its post-Trump future.