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A new Dallas Fed report provides the latest evidence of how the slowdown in U.S. oil production growth is rippling through the shale patch.

Driving the news: The latest energy data shows that job losses in Texas — the heart of the U.S. oil boom — are "deeper than initially estimated."

  • It shows that the state's "mining" sector — largely a proxy for the industry —  lost 8,100 jobs from December of 2018 to October of this year, a deeper decline than seen in prior Labor Department data.

Why it matters: It signals the effect of U.S. production growth cooling off compared to 2018's dramatic rise."

  • Support activities for mining (mostly oilfield services, the more cyclical component of oil and gas mining) has been following the rig count down in 2019," the Dallas Fed notes.

What they're saying: The latest episode of the Platts Capitol Crude podcast explores the industry's belt-tightening.

  • Antoine Halff, founder of the data analytics firm Kayrros, says that until relatively recently, “Shale was more like a tech startup in terms of the model. There was a lot of interest in the growth potential.” But now "the model has changed," he said.
  • “As recently as a couple of years ago, investors were rewarding production growth at any cost. Now production growth is not really a goal in itself, and budget discipline, profitability is much more important.”

The big picture: A weekend Wall Street Journal feature on the shale slowdown looks at the effects in several oil-producing areas of the country. The reporting shows "emptier hotels, choosier employers and less overtime for workers."

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Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9:45 p.m. ET: 19,282,972 — Total deaths: 718,851 — Total recoveries — 11,671,491Map.
  2. U.S.: Total confirmed cases as of 9:45 p.m. ET: 4,937,441 — Total deaths: 161,248 — Total recoveries: 1,623,870 — Total tests: 60,415,558Map.
  3. Politics: Trump says he's prepared to sign executive orders on coronavirus aid.
  4. Education: Cuomo says all New York schools can reopen for in-person learning.
  5. Public health: Surgeon general urges flu shots to prevent "double whammy" with coronavirus — Massachusetts pauses reopening after uptick in coronavirus cases.
  6. World: Africa records over 1 million coronavirus cases — Gates Foundation puts $150 million behind coronavirus vaccine production.

Warren and Clinton to speak on same night of Democratic convention

(Photos: Abdulhamid Hosbas/Anadolu Agency via Getty Images, Sean Rayford/Getty Images)

Sen. Elizabeth Warren and Hillary Clinton both are slated to speak on the Wednesday of the Democratic convention — Aug. 19 — four sources familiar with the planning told Axios.

Why it matters: That's the same night Joe Biden's running mate (to be revealed next week) will address the nation. Clinton and Warren represent two of the most influential wise-women of Democratic politics with the potential to turn out millions of establishment and progressive voters in November.

Trump considering order on pre-existing condition protections, which already exist

Photo: Jim Watson/AFP via Getty Images

President Trump announced on Friday he will pursue an executive order requiring insurance companies to cover pre-existing conditions, something that is already law.

Why it matters: The Affordable Care Act already requires insurers to cover pre-existing conditions. The Trump administration is currently arguing in a case before the Supreme Court to strike down that very law — including its pre-existing condition protections.