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Left photo: Melissa Sue Gerrits/Getty Images. Right photo: JEFF KOWALSKY/AFP via Getty Images.

Michael Bloomberg and President Trump's 2020 campaigns have both secured 60-second advertising spots during the Super Bowl on Feb. 2 at a likely cost of at least $10 million each, Politico reports.

Why it matters: The buy highlights Bloomberg's massive spending power, as the billionaire continues to pump millions of his own money into his campaign. And it's just the start of what's likely to be a huge spending year for Trump.

  • Bloomberg has already spent $170 million on ads this election cycle, according to Advertising Analytics.
  • The Republican National Committee last week announced that it raised $463 million in 2019 and has nearly $200 million cash on hand.
  • The Super Bowl is just one day before the Iowa caucuses.

What we know: A campaign spokesperson says Bloomberg's ad's "biggest point is getting under [President] Trump's skin."

  • "The ad is part of Mike’s strategy of running a national campaign that focuses on states where the general election will be decided, parts of the country that are often overlooked," said Michael Frazier.
  • The Bloomberg campaign says the slot will be filled with a never-before-aired commercial.

Meanwhile, the Trump campaign says they're still working out the details of their Super Bowl ad, but that it will be texted to supporters days before the event.

Go deeper: Billionaires dominate 2020 ad spend

Go deeper

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

The fragile recovery

Data: Department of Labor; Chart: Axios Visuals

The number of people receiving unemployment benefits is falling but remains remarkably high three weeks before pandemic assistance programs are set to expire. More than 1 million people a week are still filing for initial jobless claims, including nearly 300,000 applying for pandemic assistance.

By the numbers: As of Nov. 14, 20.2 million Americans were receiving unemployment benefits of some kind, including more than 13.4 million on the Pandemic Unemployment Assistance (PUA) and Pandemic Emergency Unemployment Compensation (PEUC) programs that were created as part of the CARES Act and end on Dec. 26.

Ben Geman, author of Generate
3 hours ago - Politics & Policy

The top candidates Biden is considering for key energy and climate roles

Photo: Alex Wong/Getty Images

Senate Minority Leader Chuck Schumer (D-N.Y.) has urged President-elect Joe Biden to nominate Mary Nichols, chair of California's air pollution regulator, to lead the Environmental Protection Agency, Bloomberg reports.

Why it matters: The reported push by Schumer could boost Nichol's chances of leading an agency that will play a pivotal role in Biden's vow to enact aggressive new climate policies — especially because the plan is likely to rest heavily on executive actions.

U.S. economy adds 245,000 jobs in November as recovery slows

Data: BLS; Chart: Axios Visuals

The U.S. economy added 245,000 jobs in November, while the unemployment rate fell to 6.7% from 6.9%, the government said on Friday.

Why it matters: The labor market continues to recover even as coronavirus cases surge— though it's still millions of jobs short of the pre-pandemic level. The problem is that the rate of recovery is slowing significantly.