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

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Data: Bureau of Economic Analysis vis FRED; Chart: Andrew Witherspoon/Axios

The economic decline between April and June caused by the coronavirus pandemic brought the U.S. GDP back to levels last seen in 2015, according to data released Thursday.

Why it matters: While we fell into the hole swiftly, economists are dashing hopes of an equally swift recovery. They warn it could take years for the U.S. to recover.

Meanwhile, record-breaking economic drops are being recorded across the globe.

  • Massive economic contractions happened across the European Union, data out this morning shows: Spain's economy fared the worst with a 18.5% drop from the prior quarter.
  • Mexico’s Q2 GDP fell 17.3% from the prior quarter — the biggest quarterly contraction on record, according to data released yesterday.

Go deeper

Dion Rabouin, author of Markets
Nov 6, 2020 - Economy & Business

Republicans' consumer confidence nosedives after Election Day

Data: Morning Consult; Chart: Axios Visuals

Consumer sentiment among Republicans dropped significantly from Election Day to Wednesday, a new daily survey shows, falling by around five times the survey's standard deviation.

What happened: Even with a result not yet called and President Trump (falsely) claiming victory, a daily index of consumer sentiment fell by 7.6 points among Republicans while remaining constant among Democrats.

Unemployment plunges as the pandemic continues

Data: BLS; Chart: Axios Visuals

Here's the good news for workers: The unemployment rate fell by a full percentage point to 6.9% last month — in the face of rising coronavirus cases, continued pressure on businesses, and no economic relief in sight from the government.

The bad news: That rapid snapback in employment after initial economic lockdowns eased is over. Job growth has slowed every month since June.

Biden will reverse Trump's attempt to lift COVID-related travel restrictions

Photo: Tasos Katopodis via Getty

The incoming Biden administration will reverse President Trump's last-minute order to lift COVID-19 related travel restrictions, Jen Psaki, the incoming White House press secretary, tweeted.

Why it matters: President Trump ordered entry bans lifted for travelers from the U.K., Ireland, Brazil and much of Europe to go into effect Jan. 26, but the Biden administration will "strengthen public health measures around international travel in order to further mitigate the spread of COVID-19," Jen Psaki said. Biden will be inaugurated on Wednesday, Jan. 20 and Trump will no longer be president by the time the order is set to go into effect.

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