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Pedro Pierluisi. Photo: Alejandro Granadillo/Anadolu Agency via Getty Images

New Puerto Rico Gov. Pedro Pierluisi declared a "fiscal emergency" and ordered the island's Department of Justice to step up anti-corruption efforts Saturday — hours after being sworn in, per Bloomberg.

Why it matters: Puerto Rico has experienced a tumultuous period politically and economically, with three governors in four years and a billion-dollar public debt.

  • The pandemic has badly affected the island, which is still recovering from catastrophic Hurricane Maria and last year's earthquakes.
  • Political analyst Mario Negrón told AP, "The economy is in critical condition, and even though federal funds are on their way, people forget that the debt will have to be paid starting in February."

The big picture: Pierluisi signed six executive orders Saturday night — including the fiscal measure instructing government agencies to reduce costs, such as imposing travel limits, and for the local DOJ to liaise closely with federal prosecutors in corruption cases.

  • The 61-year-old leader of the pro-statehood New Progressive Party also ordered the Caribbean island's health department to "design a robust" plan for coronavirus testing, according to Bloomberg.

What he's saying: In a bilingual speech after being sworn in earlier Saturday, Pierluisi vowed to "turn the page on political turbulence," fight corruption, "work hard on what unites us," and achieve prosperity through statehood.

  • He called on "everyone to battle our common enemies: the pandemic, poverty and crime, lack of access to good education and health care, economic stagnation, corruption and inequality."
  • Doing this while jump-starting the economy, attracting investment and growing the tourism industry would "put Puerto Rico on a path to recovery and progress," Pierluisi said.

Of note: Pierluisi briefly served as governor after former Gov. Ricardo Rosselló resigned in 2019 amid massive protests after the U.S. territory's House of Representatives found five impeachable offenses against him.

  • The new governor previously caucused with the Democrats as the island's congressional representative for eight years.

Go deeper: Why Puerto Rico is still struggling to get online

Editor's note: This article has been updated with details of the executive orders.

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

Businesses are investing in themselves.

Why it matters: Core capital goods orders, or those for durable goods that aren’t aircraft or defense-related, are a proxy for business investment.

Job market optimism among Americans hits 21-year high

Data: The Conference Board; Chart: Axios Visuals

American workers are increasingly optimistic about their options.

Why it matters: Employers are scrambling to find workers as demand for goods and services has been booming.

Updated 53 mins ago - Sports

Olympics dashboard

Team USA's Simone Biles during the women's team final on day four of the Tokyo 2020 Olympic Games at Ariake Gymnastics Centre on Tuesday in Japan. Photo: Fred Lee/Getty Images

🤸🏾‍♀️: Simone Biles withdraws from all-around gymnastics final — hours after pulling out of team finals, citing her mental health

🏊‍♀️: Katie Ledecky wins gold in first women's 1500m freestyle

🗓: The Olympic events to watch today

🎾: "This one sucks more than the others," Naomi Osaka says on upset loss

🏃‍: Female Olympians push back against double standard in uniforms

Go deeper: Full Axios coverage - Medal tracker

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