Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa Bay news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Charlotte news in your inbox

Catch up on the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!
Data: New York Fed; Chart: Axios Visuals

The New York Fed's index of real-time data indicators perked up again last week after moving lower the previous week. The Weekly Economic Index has been choppy since July showing that U.S. growth continues to recover but is sputtering.

Behind the curtain: The increase in the WEI for the week of Oct. 3 was due to a slight decline in initial jobless claims and improving data on rail traffic as measured by the Association of American Railroads, as well as increases in fuel sales and electricity output, the Fed economists behind the index said on Thursday.

  • Those readings outweighed a decrease in tax withholding.

The big picture: In its latest quarterly outlook, HSBC says the global economy is entering the second, slower, phase of a two-stage “swoosh-shaped” recovery.

  • Mobility data indicates that the slowdown began in the third quarter and the previous strength in consumer spending is also starting to slow, Global Chief Strategist Joseph Little said in the report.

Go deeper

Dion Rabouin, author of Markets
Jan 19, 2021 - Economy & Business

Unemployment data shows worrisome trends

Data: U.S. Department of Labor; Chart: Andrew Witherspoon/Axios

More than a million people filed for traditional unemployment benefits last week for the first time since July, further highlighting the impact the resurgence of the coronavirus pandemic is having on the U.S. economy.

By the numbers: Including those who filed for benefits under the Pandemic Unemployment Assistance program, more than 1.4 million Americans filed claims last week, an increase of more than 231,000 filing traditional claims and more than 123,000 filing for PUA support from the previous week, according to the unadjusted data.

Dion Rabouin, author of Markets
Jan 19, 2021 - Economy & Business

Biden's inflation danger

Illustration: Sarah Grillo/Axios

President-elect Joe Biden's $1.9 trillion stimulus proposal has economists and bullish market analysts revising their U.S. growth expectations higher, predicting a reflation of the economy in 2021 and possibly more booming returns for risk assets.

Yes, but: Others are warning that what's expected to be reflation could actually show up as inflation, a much less welcome phenomenon.

10 mins ago - Technology

Big Tech bolts politics

Illustration: Eniola Odetunde/Axios

Big Tech fed politics. Then it bled politics. Now it wants to be dead to politics. 

Why it matters: The massive social platforms that profited massively on politics and free speech suddenly want a way out — or at least a way to hide until the heat cools.