May 13, 2020 - Economy & Business

NY Fed index sees decline three times worse than the Great Recession

Dion Rabouin, author of Markets
Reproduced from Federal Reserve Bank of New York; Chart: Axios Visuals

The New York Fed's new weekly economic index fell to -12 for the week ended May 9, dropping from -11.14 the previous week. The index's decline is now three times greater than the worst contraction seen during the Great Recession.

What it means: "The WEI is an index of real economic activity using timely and relevant high-frequency data," per the N.Y. Fed. "It represents the common component of ten different daily and weekly series covering consumer behavior, the labor market, and production."

  • The index's inputs range from electricity output and rail traffic to jobless claims and consumer confidence and seek to provide a timely snapshot of U.S. GDP expectations.

Go deeper: States face economic death spiral from coronavirus

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Ben Geman
Aug 5, 2020 - Energy & Environment

U.S. oil production saw biggest decline since 1980 in May

Data: EIA; Chart: Axios Visuals

U.S. oil production's nearly 2 million barrel per day decline in May was the steepest monthly drop since at least 1980, the federal Energy Information Administration said in a short report.

Why it matters: The agency's monthly production data, which is more robust than weekly snapshots but arrives with a lag, starkly shows the toll the pandemic took on U.S. output after the price collapse caused a major pullback. Some of the lost output has recently returned as prices improved, but production is expected to remain depressed.

Axios
Updated 18 mins ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

France reported more than 2,500 new COVID-19 cases in 24 hours — the largest single-day number since May. French officials said the situation was "clearly worsening," per France 24.

By the numbers: Over 745,600 people have died of the novel coronavirus globally and over 20.4 million have tested positive, per Johns Hopkins. Almost 12.7 million have recovered from the virus.

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Rashaan Ayesh
56 mins ago - Politics & Policy

Biden campaign raises $26 million in 24 hours after announcing Harris as running mate

Joe Biden and Kamala Harris. Photo: Olivier Douliery/AFP via Getty Images

Joe Biden's campaign announced on Wednesday that it raised $26 million in the 24 hours after revealing Sen. Kamala Harris as his vice presidential pick.

Why it matters: The cash influx signals that Harris has helped the Democratic presidential campaign pick up steam. Nearly 150,000 contributors were first-time donors, according to the campaign statement.

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