Data: New York Fed; Chart: Axios Visuals

The New York Fed's Weekly Economic Index turned lower for the week ending Aug. 1, showing real-time, high-frequency economic data again weakening in the last week of July.

Why it matters: The index turned negative again after an upwardly revised previous week. It supports other recent real-time economic data that show U.S. growth reversing.

What they're saying: "The recent evolution in our coincident employment index suggests that the recent recovery in employment has halted and that the increase in Covid-19 may be the main cause for this," economists at the St. Louis Fed wrote in a blog Tuesday.

  • "Thus, a strong economic recovery may need a healthy recovery from the pandemic."

Where it stands: The weak employment growth, especially in states hard hit by recent virus outbreaks, noted by the St. Louis Fed, pairs with consumer spending data from JPMorgan Chase.

  • Their data show the economic recovery has been stuck in neutral since mid-June, as evidenced by spending patterns from Chase debit and credit cardholders.

Be smart: JPMorgan analysts also pointed to a gap between spending by millennials and Gen Z consumers, which fell 4.1% compared to 2019, and spending by baby boomers, which dropped more than 18%.

  • The data suggest older, wealthier consumers with ample cash are paring back and adding to savings while less wealthy consumers continue to spend at similar levels, thanks largely to government assistance programs.

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S&P 500 on the brink of a correction

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Data: FactSet, Chart: Axios Visuals

The S&P 500 hit its highest level ever earlier this month — but as September closes out, the index is teetering on the brink of correction territory.

Where it stands: As of Thursday’s close, the S&P 500 has sunk 9.3% below its record high. Slight gains on Thursday pushed it a bit further away from the 10% decline that would mark a correction — but investors say volatility could be here to stay.

Updated 41 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 a.m. ET: 32,881,747 — Total deaths: 994,821 — Total recoveries: 22,758,171Map.
  2. U.S.: Total confirmed cases as of 10 a.m. ET: 7,079,909 — Total deaths: 204,503 — Total recoveries: 2,750,459 — Total tests: 100,492,536Map.
  3. States: New York daily cases top 1,000 for first time since June — U.S. reports over 55,000 new coronavirus cases.
  4. Health: The long-term pain of the mental health pandemicFewer than 10% of Americans have coronavirus antibodies.
  5. Business: Millions start new businesses in time of coronavirus.
  6. Education: Summer college enrollment offers a glimpse of COVID-19's effect.

Durbin on Barrett confirmation: "We can’t stop the outcome"

Senate Minority Whip Dick Durbin (D-Ill.) said on ABC's "This Week" Sunday that Senate Democrats can “slow” the process of confirming Supreme Court nominee Amy Coney Barrett “perhaps a matter of hours, maybe days at the most," but that they "can’t stop the outcome."

Why it matters: Durbin confirmed that Democrats have "no procedural silver bullet" to stop Senate Republicans from confirming Barrett before the election, especially with only two GOP senators — Lisa Murkowski of Alaska and Susan Collins of Maine — voicing their opposition. Instead, Democrats will likely look to retaliate after the election if they win control of the Senate and White House.