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Data: Federal Reserve; Chart: Axios Visuals

U.S. industrial production fell by 0.3% in January, month over month, and the previous month was revised down to -0.4%, according to the Federal Reserve.

By the numbers: The reading brings the annualized rate to -0.8% and is the fifth reading in a row below zero.

Why it matters: "The drop in factory output is particularly concerning as over the past 50 years, we've only seen one instance where IP slowed this much YoY without a commensurate recession," BMO Capital Markets rate strategist Jon Hill said in a Friday note to clients.

The big picture: Some of the weakness can be blamed on Boeing, which has all but shut down as its 737 MAX jet has been grounded worldwide after two plane crashes killed hundreds in 2018 and 2019.

  • The Fed's report showed industrial output was led lower by a 7.4% fall in aerospace production and a 0.1% decline in overall manufacturing output.
  • Utility production dropped 4%.
  • The numbers were also weakened by warmer weather, as electric and natural gas utilities fell 3.2% and 7.7%, respectively.

Go deeper: U.S. manufacturing activity hits worst level since 2009

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Coronavirus surge punctures oil's recovery

Illustration: Aïda Amer/Axios

The growth of coronavirus cases is "casting a shadow" over oil's recovery despite the partial demand revival and supply cuts that have considerably tightened the market in recent months, the International Energy Agency said Friday.

Why it matters: IEA's monthly report confirms what analysts have seen coming for a long time: Failure to contain the virus is a huge threat to the market rebound that has seen prices grow, but remain at a perilous level for many companies.

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Big Ten's conference-only move could spur a regionalized college sports season

Illustration: Aïda Amer/Axios

The Big Ten announced Thursday that it will move all fall sports to a conference-only schedule.

Why it matters: This will have a snowball effect on the rest of the country, and could force all Power 5 conferences to follow suit, resulting in a regionalized fall sports season.

The second jobs apocalypse

Illustration: Aïda Amer/Axios

This week, United Airlines warned 36,000 U.S. employees their jobs were at risk, Walgreens cut more than 4,000 jobs, Wells Fargo announced it was preparing thousands of terminations this year, and Levi's axed 700 jobs due to falling sales.

Why it matters: We have entered round two of the jobs apocalypse. Those announcements followed similar ones from the Hilton, Hyatt, Marriott and Choice hotels, which all have announced thousands of job cuts, and the bankruptcies of more major U.S. companies like 24 Hour Fitness, Brooks Brothers and Chuck E. Cheese in recent days.