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Illustration: Eniola Odetunde/Axios

Friday's horrific jobs report will catch the eye of even the most casual economic data watcher, but don’t be surprised if the stock market shrugs.

Why it matters: Grim economic news hasn't derailed the market's comeback. The stark difference between what's happening in the coronavirus-hit economy vs. the stock market has never been more on display.

Driving the news: The tech-heavy Nasdaq erased all its losses for the year. It's rallied 30% since late March, while the S&P 500 has risen 23% since then (though it's still lower on the year).

  • Within that same timeframe, more than 33 million Americans have filed for unemployment. And the current quarter's economic contraction is set to be one for the record books while the country is struggling to beat back the coronavirus outbreak.

What's going on: There are a myriad of reasons for the cheery stock market in some of the most depressing times — my colleague Felix Salmon lists them here.

  • Among them: Investors are looking ahead and wagering the snapback will be quick and corporate profits will jump back to pre-pandemic levels.

Yes, but: A slew of Fed officials did rounds of interviews yesterday, and their message was near universal — the months ahead will be bleak and a rebound is a long way off.

  • “I think it’s becoming clear that we’re in for a long, gradual recovery, which is unfortunate. I wish we had a quick bounce back," Minneapolis Fed president Neel Kashkari told NBC's "Today" show.

What they're saying: "The market has too quickly celebrated 'success' on the health care front, without fully appreciating how hard it is to turn the economy back on," Scott Clemons, who's been a strategist at investment firm Brown Brothers Harriman for the past 30 years, tells Axios.

  • Lately, the single question Clemons gets most — from clients, as well as people outside of work — is about the economy-stock market disconnect.

Between the lines: This disconnect is common. Take the last recession, when "the labor market didn't start to show signs of improvement until the end of 2009, at which point the market was already up 44%," Clemons notes.

  • Then, per Clemons, the average person may have said: "I'm out of work, I can't find the job. And on the evening news I see Wall Street traders popping open bottles of champagne."
  • Now, as joblessness is expected to have hit nearly every industry — plus the threat of a second coronavirus wave when states open up their economies — the divide between the stock market's optimism and economic forecasts is even more clear.

The bottom line: The worst may be over for the stock market (for now). The economic bloodletting will be here for a while longer.

Go deeper: High unemployment could be here for a while

Go deeper

Aug 15, 2020 - Health

Arizona teachers' strike over coronavirus concerns cancels class

Illustration: Sarah Grillo/Axios

A school district near Phoenix, Arizona, said it will not reopen on Aug. 17 as planned because too many teachers have refused to show up over health and safety concerns.

By the numbers: More than 100 of the approximately 250 teachers who work for the district said they would be absent on Monday, a district spokesperson told AZCentral on Friday.

Updated Oct 7, 2020 - Health

World coronavirus updates

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

New Zealand now has active no coronavirus cases in the community after the final six people linked to the Auckland cluster recovered, the country's Health Ministry confirmed in an email Wednesday.

The big picture: The country's second outbreak won't officially be declared closed until there have been "no new cases for two incubation periods," the ministry said. Auckland will join the rest of NZ in enjoying no domestic restrictions from late Wednesday, Prime Minister Jacinda Ardern said, declaring that NZ had "beat the virus again."

Updated 17 hours ago - Politics & Policy

Omicron dashboard

Illustration: Aïda Amer/Axios

  1. Health: CDC prepares tougher testing rules for international travelers — U.S. on the lookout for Omicron casesFDA panel backs Merck's antiviral COVID pill.
  2. Politics: Biden says fight against Omicron won't include "shutdowns or lockdowns" — Two federal judges temporarily block Biden vaccine mandates.
  3. Vaccines: Omicron adds urgency to vaccinating world — Omicron fuels the case for COVID boosters — Pentagon denies Oklahoma National Guard request for exemption from vaccine mandate.
  4. World: Omicron variant detected in more countriesWHO advises people 60 or older to postpone travel due to Omicron — COVID-19 "radically altered mobility" globally, UN says.
  5. Variant tracker: Where different strains are spreading.