Economy & Business

Why it matters: Despite murmurs of an impending economic crash, the U.S. has seen strong job growth and record low unemployment as trade wars, sweeping technological change and new media consumption habits are changing the American economy.

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Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 11:30 p.m. ET: 937,091 — Total deaths: 47,231 — Total recoveries: 193,764Map.
  2. U.S.: Total confirmed cases as of 11:30 ET: 216,515, — Total deaths: 5,119 — Total recoveries: 8,593Map.
  3. Business updates: Small businesses are bearing the brunt of the coronavirus job crisis.
  4. World updates: Spain’s confirmed cases surpassed 100,000, and the nation saw its biggest daily death toll so far. More than 500 people were reported dead within the last 24 hours in the U.K., per Johns Hopkins.
  5. State updates: Florida and Pennsylvania are the latest states to issue stay-at-home orders — Michigan has more than 9,000 confirmed cases, an increase of 1,200 and 78 new deaths in 24 hours.
  6. Stock market updates: Stocks closed more than 4% lower on Wednesday, continuing a volatile stretch for the stock market amid the coronavirus outbreak.
  7. 1 future thing: Shifts to telemedicine, at-home diagnostics, and drone delivery are all likely lasting consequences from this pandemic.
  8. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  9. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

WH Correspondents' Assoc. ousts OANN after reporter violates social distancing rules

President Trump. Photo: Win McNamee/Getty Images

The White House Correspondents Association on Wednesday voted to remove One America News Network from the press briefing rotation after one of the outlet's reporters broke social-distancing guidelines amid the novel coronavirus outbreak.

The big picture: The WHCA imposed a seating policy for President Trump's press briefings to prevent reporters from crowding and abide by the Center for Disease Control and Prevention's social-distancing recommendations. But OANN reporter Chanel Rion twice attended the briefings without an assigned seat.

The unexpected consequences of the pandemic

Illustration: Sarah Grillo/Axios

We know COVID-19 will fundamentally alter the world, but those changes may not be the ones you expect.

The big picture: While much of the focus has been on the rush to remote work in the early stages of the pandemic, the longer-term consequences of COVID-19 may have more to do with how we keep ourselves healthy than how we work.

Go deeperArrow7 hours ago - Health

Very small businesses are bearing the brunt of the coronavirus job crisis

Photo: Melina Mara/The Washington Post via Getty Images

Small businesses were responsible for the entirety of the 27,000 net jobs that the private sector shed in March, according to a closely watched employment report by payroll provider ADP.

Why it matters: The extent of job losses is much worse than the ADP survey suggests, as it was conducted before states stepped up coronavirus containment efforts. But it shows that America's smallest businesses were hit hardest first, even as bigger corporations continued hiring.

Stocks drop 4% after Trump's coronavirus warning

Outside of the New York Stock Exchange. (Photo: Wang Ying/Xinhua via Getty Images)

Stocks closed more than 4% lower on Wednesday, continuing a volatile stretch for the stock market amid the coronavirus outbreak.

Between the lines: The declines come after President Trump on Tuesday braced the country for a "very painful" few weeks "like we've never seen before," as COVID-19 cases continue to spike across the U.S. and the economy remains largely shut down.

Jason Kilar named CEO of WarnerMedia

Jason Kilar, CEO of Hulu. Photo: Jemal Countess/Getty Images

Jason Kilar has been named CEO of WarnerMedia, effective May 1, the company announced Wednesday.

The big picture: Kilar, the founding CEO of Hulu, replaces John Stankey, AT&T’s president and chief operating officer. Kilar will report to Stankey, who has been acting as CEO of WarnerMedia.

Bots boost Chinese propaganda hashtags in Italy

A passenger boards a bus with a message supporting Italy in their efforts against the COVID-19 coronavirus in Hangzhou, China, March 24. Photo: STR /AFP/China OUT via Getty Images

Between March 11 and 23, as China was delivering much-needed medical supplies to Italy, bots pushed two pro-China, Italian-language hashtags, according to a March 30 investigation published by Italian news outlet Formiche.

The big picture: 46.3% of tweets using the peppy-sounding hashtag #forzaCinaeItalia, which means "come on China and Italy," were bots, according to an analysis performed by Alkemy in partnership with Formiche.

Go deeperArrow13 hours ago - World

Private equity hits the brakes amid coronavirus recovery uncertainties

Illustration: Rebecca Zisser/Axios

Private equity is still working on opportunistic deals when it can get a break from portfolio triage, but it's also boarding up the exits amid new questions about the speed of the coronavirus recovery.

The state of play: Sale processes are being shelved daily, even ones that already launched with investment bankers, data rooms, and interested suitors.

Why StubHub halted refunds

Illustration: Aïda Amer/Axios

With sports on pause and large gatherings banned across the globe, the live events industry has effectively ground to a halt.

The state of play: In the U.S. alone, more than 23,000 events have been canceled, postponed or rescheduled in the past three weeks.

Go deeperArrow15 hours ago - Sports

Americans feel better about their finances after coronavirus stimulus

Data: Axios/Ipsos survey, margin of error ranges from ±5 to ±9 percentage points; Chart: Naema Ahmed/Axios

Americans have become more optimistic about the state of their finances in the last week, a new survey from Axios and Ipsos shows.

The state of play: While some remain worried, particularly those at the lower end of the economic spectrum, the data shows people are more confident about the security of their jobs and ability to take care of expenses after the passage of the $2.2 trillion CARES Act.

Streaming spikes during coronavirus

Data: Nielsen; Chart: Axios Visuals

Streaming video has shot up dramatically in the U.S. over the past month, as more people turn to their screens for comfort during the nationwide coronavirus.

Why it matters: The pandemic has changed user behavior to promote more binge-watching, a habit that's likely to stay after the crisis concludes.

The new labor movement

Illustration: Aïda Amer/Axios

The coronavirus pandemic has had a big impact on working people, who are increasingly banding together to put pressure on employers and raise public awareness about health and safety issues they're facing on the job.

Why it matters: After years of declining union membership, a new labor movement is rising, amplified by the power of social media and fueled by concerns that workers deemed essential during the crisis are putting their lives at risk to ensure the well-being of others.

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