Economists at major investment banks are expecting to see job growth reverse course when July's jobs report is released on Friday.

Why it matters: After 20.5 million Americans lost their jobs in April, the worst jobs report in history, May and June saw an unexpected bounce in hiring, but data suggest that bounce has ended.

What they're saying: "[S]ome survey indicators are suggesting that labor market progress has already rolled over and July payrolls could be negative," Deutsche Bank economists said in a note to clients.

  • They expect July's report to show a loss of 400,000 jobs, but warn "it is not clear that the recent rolling over in labor market data will be fully captured in next week's July jobs report."

It could be worse: "High frequency data suggest that the labor market recovery is stalling due to the worsening virus situation," economists at Goldman Sachs wrote in a note to clients Friday night.

  • "Our trackers suggest that current household employment has fallen by roughly one million since the June survey week."

Yes, but: Economists' predictions were off by 10 million in May. So there's that.

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Dion Rabouin, author of Markets
Sep 14, 2020 - Economy & Business

Nasdaq's new tug of war: Buy the dip or run for cover

Data: FactSet; Chart: Axios Visuals

Following the fastest 10% correction in the history of the Nasdaq last week — taking just three sessions, surpassing even March's blisteringly fast slide — investors are split on whether it's a buying opportunity or the start of a new bear market.

On one side: Many hedge funds are buying, with fund managers that make both bullish and bearish stock bets buying internet and software companies at the fastest rate in five months last week, according to data compiled by Goldman Sachs.

Updated 26 mins ago - Politics & Policy

Where key GOP senators stand on replacing Ruth Bader Ginsburg

Senate Majority Leader Mitch McConnell talks to reporters on Capitol Hill last Thursday. Photo: Chip Somodevilla/Getty Images

With President Trump planning to nominate his third Supreme Court justice nominee this week, key Republican senators are indicating their stance on replacing the late Justice Ruth Bader Ginsburg with less than 50 days until Election Day.

The state of play: Senate Majority Leader Mitch McConnell (Ky.) has vowed that "Trump’s nominee will receive a vote on the floor of the United States Senate." Two GOP senators — Sen. Lisa Murkowski (R-Alaska) and Sen. Susan Collins (R-Maine) — have said they oppose holding a vote before the election, meaning that two more defections would force McConnell to delay until at least the lame-duck session of Congress.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4 p.m. ET: 30,873,714 — Total deaths: 958,383— Total recoveries: 21,103,559Map.
  2. U.S.: Total confirmed cases as of 4 p.m. ET: 6,788,343 — Total deaths: 199,421 — Total recoveries: 2,577,446 — Total tests: 94,211,463Map.
  3. Politics: Testing czar on Trump's CDC contradictions: "Everybody is right" Ex-FDA chief: Career scientists won't be "easily cowed" by political vaccine pressure
  4. Education: What we overlooked in the switch to remote learning
  5. Health: The dwindling chances of eliminating COVID-19.
  6. World: England sets £10,000 fine for breaking self-isolation rules — The countries painting their pandemic recoveries green.