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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Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 11,143,945 — Total deaths: 527,681 — Total recoveries — 6,004,593Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 2,818,588 — Total deaths: 129,584 — Total recoveries: 883,561 — Total tested: 34,213,497Map.
  3. States: Photos of America's pandemic July 4 ICU beds in Arizona's hot spot reach near capacity.
  4. Public health: U.S. coronavirus infections hit record highs for 3 straight days.
  5. Politics: Trump extends PPP application deadlineKimberly Guilfoyle tests positive.
  6. World: Mexican leaders call for tighter border control as infections rise in U.S.
  7. Sports: 31 MLB players test positive as workouts resume.
  8. 1 📽 thing: Drive-in movie theaters are making a comeback.

New York City restaurants look to the Hamptons for the summer

Photo: Alexi Rosenfeld/Getty Images

New York City restaurants are opening or have already opened auxiliary establishments on Long Island's East End as they look for new ways to reach customers during the coronavirus pandemic, The Wall Street Journal reports.

Why it matters: Restaurant owners in New York City have long been establishing outposts in the Hamptons to reach the summer crowds, per the Journal, but that system is now giving them a lifeline during the pandemic — especially since New York Gov. Andrew Cuomo decided to push back the date to allow indoor dining in New York City's five boroughs.

Trump extends coronavirus PPP loan application deadline to August 8

President Trump boards Air Force One on July 3. Photo: Saul Loeb/AFP via Getty Images

President Trump signed off on Saturday to give businesses another five weeks to apply for funds through the Paycheck Protection Program.

Why it matters: Roughly $130 billion in PPP funding is still available. The Small Business Administration's inspector general found in May that some rural, minority and women-owned businesses may not have gotten loans due to a lack of prioritization from the agency.

Drive-in movie theaters are making a comeback

Illustration: Annelise Capossela/Axios

Drive-in movie theaters, the symbol of a bygone era before cellphones and constant distraction, are suddenly reemerging as a popular form of entertainment during the coronavirus crisis.

Why it matters: Indoor movie theaters are closed, but people still crave entertainment and a chance to get out of their houses. Watching a movie from the safety of a car is the next best thing.

Fireworks supply in the U.S. may fall short this July 4 holiday

A fireworks stand in Hawthorne, Calif. Photo: Francine Orr / Los Angeles Times via Getty Images

Consumer fireworks sales such as sparklers and firecrackers have increased so much during the coronavirus pandemic that supplies may soon run out, industry experts say, per CNN.

The big picture: Commercial demand for fireworks plummeted as weddings and sporting events canceled and July 4 shows downsized. Some demand was later salvaged after Americans began stocking up on fireworks this past month out of sheer boredom. Sales have more than doubled.

Scoop: Instacart raises another $100 million

Illustration: Sarah Grillo/Axios Visuals

Grocery delivery company Instacart has raised $100 million in new funding, on top of the $225 million it announced last month, the company tells Axios. This brings its valuation to $13.8 billion.

Why it matters: This funding comes at what could be an inflection point for Instacart, as customers it acquired during coronavirus lockdowns decide whether they want to continue with the service or resume in-person grocery shopping.

Markets swell as the economy shrinks

Illustration: Eniola Odetunde/Axios

The economy is sputtering, but the markets are thriving — a highly unusual event that shows how the coronavirus has thrown all bets off.

Why it matters: The disconnect adds to the wealth gap. The richest 10% of households — who own 84% of stocks — are getting richer, while millions of out-of-work Americans cross their fingers that pandemic unemployment benefits will be extended.

Updated Jul 3, 2020 - Economy & Business

Global #MeToo movement has resulted in 7 convictions, 5 charges of influential figures

Bill Cosby, Harvein Weinstein, and Larry Nassar. Photos: Gilbert Carrasquillo/Getty Images, Johannes Eisele/AFP via Getty Images, and Jeff Kowalsky/AFP via Getty Images

Hundreds of powerful people — predominately men — have been accused of sexual offenses since the #MeToo movement went viral in 2017. After film producer Harvey Weinstein's conviction, five of them face charges, while seven have been convicted.

Why it matters: The #MeToo movement focused global attention on previously unchecked sexual misconduct, leading at least 201 powerful men to lose jobs or major positions. But the movement, dubbed a global reckoning, has had few legal consequences for the accused. Here are some of the most notable cases.

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