J.P. Morgan ($JPM@US) Senior Economist Jesse Edgerton says that credit card transaction data suggest the recent surge in COVID-19 infections is starting to impact parts of the economy. One of the affected industries is air travel. "Most notably, airline spending had fallen almost 20% from a recent peak in mid-July, a larger decline than during the severe winter COVID wave, when spending was at much lower levels," Edgerton wrote on Friday.