Yelp's stock erased its entire 2019 gain in one day

Data:; Chart: Axios Visuals

Yelp's new economic indicator shows a slowdown

Yelp launched an index that tracks consumer demand and the health of businesses on its platform and the company says the activity of its millions of users is raising red flags about the health of the economy.

Reproduced from a Yelp chart; Chart: Axios Visuals

The big picture: Yelp is the latest to leverage access to the users and businesses on its platform to glean trends about the national economy, following LinkedIn. It comes at a time when there is broad concern about a coming economic slowdown and key retail sales data was delayed in light of the government shutdown.