Data: U.S. Census Bureau; Chart: Axios Visuals

While U.S. retail sales saw the largest month-over-month increase on record in May, year-over-year sales actually declined by 6.1%.

The big picture: Excluding the prior two months, May's $485.5 billion of sales was the lowest since August 2017.

  • Retail sales have been under $500 billion in each of the past three months after holding above that marker every month since May 2018.
  • Even after this month's bounceback, the decline from February to May is nearly equal to the largest decline recorded in a similar period during the Great Recession.

Worth noting: May's increase came during a time when parts of the country remained under quarantine orders and some states had yet to fully reopen.

  • And the 17.7% monthly jump is the largest in U.S. history.

Go deeper: Survival of the biggest: Coronavirus transforms retail

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Dion Rabouin, author of Markets
Aug 24, 2020 - Economy & Business

PMI reports show V-shaped recovery in services and manufacturing

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Data:; Chart: Axios Visuals

Early readings of IHS Markit's manufacturing and services purchasing managers' indexes rose by more than expected in August, showing continued improvement in expectations and output among U.S. firms.

By the numbers: The manufacturing index rose by 2.7 points month over month to 53.6, continuing the series' rise from 50.9 in July.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12 p.m. ET: 30,241,377 — Total deaths: 947,266— Total recoveries: 20,575,416Map.
  2. U.S.: Total confirmed cases as of 12 p.m. ET: 6,681,251 — Total deaths: 197,763 — Total recoveries: 2,540,334 — Total tests: 91,546,598Map.
  3. Politics: Trump vs. his own administration on virus response.
  4. Health: Massive USPS face mask operation called off The risks of moving too fast on a vaccine.
  5. Business: Unemployment drop-off reverses course 1 million mortgage-holders fall through safety netHow the pandemic has deepened Boeing's 737 MAX crunch.
  6. Education: At least 42% of school employees are vulnerable.
1 hour ago - Economy & Business

Anxious days for airline workers as mass layoffs loom

Sara Nelson, president of the Association of Flight Attendants, during a Sept. 9 protest outside the Capitol. Photo: Alex Wong/Getty Images

The clock is ticking for tens of thousands of anxious airline employees, who face mass reductions when the government's current payroll support program expires on Sept. 30.

Where it stands: Airline CEOs met Thursday with White House Chief of Staff Mark Meadows, who said President Trump would support an additional $25 billion from Congress to extend the current aid package through next March.