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The April jobs report showed the U.S. unemployment rate skyrocketing to 14.7%, the worst job losses since the post-World War II era, as coronavirus restrictions shuttered businesses for the month and put millions out of work. State officials are attempting to thread the needle between reopening parts of the economy and preventing a resurgence of the virus.
As the number of coronavirus cases and deaths rise in Russia, a delayed epidemic is taking hold of eastern Europe, while outbreaks in western Europe subside, according to the WHO. Italy reported 243 new deaths from the coronavirus, making it the third country to reach 30,000 deaths
- Global cases: More than 3.8 million
- Global deaths: At least 269,881
- U.S. cases: More than 1.2 million
- U.S. deaths: At least 75,852
The data above was compiled by Johns Hopkins University.
U.S. drugmaker Pfizer plans to outsource its medication production to external contractors as it prepares to ramp up the production of an experimental vaccine to treat Covid-19 if it proves to be safe and effective, Reuters reported.
The drugmaker will tap into its network of around 200 outside contractors, including Catalent and Lonza Group AG, to play a bigger role in producing some of its existing medicines, president of global supply at Pfizer Mike McDermott told Reuters.
"They have been hugely helpful in the past and will help us through this," McDermott said.
Pfizer said Tuesday it has begun testing an experimental vaccine to combat the coronavirus in the United States.
The U.S.-based pharmaceutical giant, which is working alongside German drugmaker BioNTech, said the first human participants in the United States have been dosed with the potential vaccine, BNT162. They began human trials of the experimental vaccine late last month in Germany. —Riya Bhattacharjee, Berkeley Lovelace Jr., Reuters
While a government survey showed that 4 in 5 laid-off workers expect to return to their jobs, some economists think that employers may not be able to rehire those employees. If companies need less employees, it could make broader economic recovery slower and more uneven, CNBC's Patti Domm reports.
The U.S. economy lost 20.5 million jobs in April and the unemployment rate rose to 14.7%. —Hannah Miller
6:42 pm: Democrats in the House roll on with next relief bill, but Republicans are pumping the brakes
The legislation, which could reportedly rival the $2 trillion price tag of the rescue package passed in March, is expected to include relief for state and local governments and money to test for and trace the coronavirus, among other measures.
On a caucus call Thursday, House Majority Leader Steny Hoyer told members he hopes to consider the proposal next week and will give lawmakers currently out of Washington 72 hours' notice before a vote, according to a Democratic leadership aide.
Republicans, who control the Senate and White House, have not shown the same urgency to approve another relief plan. White House economic advisor Larry Kudlow said Friday that talks between the Trump administration and Congress are "kind of paused."
Senate Majority Leader Mitch McConnell has shown concerns about spending more taxpayer money. He has expressed skepticism about aid for state and local governments, a priority for House Speaker Nancy Pelosi. —Jacob Pramuk
States across the country are lifting significant business restrictions brought on by the coronavirus pandemic.
- Hair salons opened in Texas on Friday under new social-distancing guidelines that include keeping six feet of space between beauty stations.
- Nevada will move into the first phase of its reopening plan on Saturday ahead of the May 15 expiration date of its stay-at-home order.
- Starting Monday, both Arkansas and Alabama will allow dine-in service at restaurants under certain limitations.
- Connecticut is also looking ahead to the summer months by allowing camps to open June 29 under social-distancing guidelines, including limiting groups to 10 kids.
For more updates on states' reopening plans, click here. —Hannah Miller
California will continue to have a budget deficit through at least 2024, according to the state's Legislative Analyst's Office. The deficits could total up to $126 billion, depending on how the recession develops, the Associated Press reports.
With businesses closed under Gov. Gavin Newsom's stay-at-home order, California currently has an unemployment rate of 18% and the Legislative Analyst's Office said the state could expect to lose up to $39 billion in revenue this year. —Hannah Miller
5:58 pm: Watchdog says there are 'reasonable grounds' that top vaccine doctor's removal was retaliatory
Rick Bright, the top federal vaccine specialist who was booted from running an agency involved in overseeing coronavirus response, should be temporarily reinstated in that post as he pursues a whistleblower complaint, a government watchdog has said, according to Bright's lawyers.
Bright claims he was summarily removed as head of the Biomedical Advanced Research and Development Agency last month after he refused to embrace a push to expand access to an anti-malarial drug that President Donald Trump has said could be used to treat Covid-19.
Earlier this week, Bright filed a whistleblower complaint with the Office of Special Counsel, allegedly he was transferred to another federal health agency in retaliation for his resistance to widespread use of the drug hydroxychloroquine.
Bright's lawyers said the OSC has told them that there are "reasonable grounds" that his removal as BARDA director "was retaliatory."
The attorneys also said that OSC plans to recommend to the agency's parent, the U.S. Health and Human Services Department, that he be kept as director to allow enough time for his allegations to be investigated. —Dan Mangan
Electric vehicle makers Tesla intended to reopen their U.S. car plant in Fremont, California on Friday. However, local authorities said that they had not given the "green light" to Tesla to reopen, and that Covid-19 health orders were still in place at least for another week or two.
Interim Health Officer for Alameda County Public Health Department, Erica Pan, noted in an online town hall on Friday that even though California Governor Newsom had relaxed Covid-19 restrictions at the state level, "If there are local orders, whichever is stricter prevails." —Lora Kolodny
San Diego Mayor Kevin Faulconer said on CNBC's "Squawk Alley" that residents are following the city's beach restrictions, which he argued is a good sign as California tries to further reopen its economy."
I was out there on the beaches myself last week with our lifeguards. You can walk, you can run, surf and swim right now. No sitting down. To see that compliance I think bodes extremely well for when we start to reopen our businesses," Faulconer said.
Faulconer's comments came as California retailers who sell products such as toys, books and clothes were allowed to begin offering curbside service. The mayor said he believes San Diego residents are willing to comply with restrictions because they do not want to give back the tremendous gains that we've made, the sacrifices that we've made over these last six weeks." - Kevin Stankiewicz
California Gov. Gavin Newsom signed an executive order allowing all registered voters in the state to receive a mail-in ballot this November.
The move comes as several states weigh how to carry out their remaining 2020 elections while keeping voters safe from contracting and spreading the deadly coronavirus.
"I signed an executive order," Newsom said, "that will allow every registered voter in California to receive a mail-in ballot."Newsom, who announced the move at a press conference, clarified that California will still provide an opportunity for people to vote in person at a polling center. "That mail-in ballot is important but it's not an exclusive substitute to physical locations," he said. —Jennifer Elias
Nordstrom had announced earlier this week its plans to permanently shut 16 stores, as it takes a hit with other retailers from the coronavirus pandemic. CNBC confirmed the full list of those locations Friday. The closures include department stores in California, Texas and Florida. The 16 stores represent about 14% of Nordstrom's fleet of full-line department stores. —Lauren Thomas
Alphabet CEO Sundar Pichai will begin reopening offices globally as early as June, targeting 10-15% capacity, he said in an email obtained by CNBC.
"Our ramp back to the office will be slow, deliberate and incremental," he said, adding that the company has less than 5% of global employees working from offices currently and some sites in the Asia Pacific region are already at 30% of capacity.
The majority of people who can work from home, will continue to do so "potentially" through the end of year, although they'll be allowed to come in now and then. Pichai also addressed employee burnout, encouraging employees to take a day off in late May. —Jennifer Elias
New York City Mayor Bill de Blasio announced that the city will partner with Salesforce to deploy a call center as well as a customer relationship and case management system that will help officials track and isolate potential cases of Covid-19.
De Blasio has said that tracking people who come into contact with infected individuals will be crucial to easing restrictions and reopening the city. The city is implementing a "test and trace corps" that will be tasked with testing New Yorkers for the infection and tracing all cases and contacts of known positive infections, de Blasio said.
The goal is to hire 2,500 public health "foot soldiers" by June, who will be trained using the contact tracing program led by former New York City Mayor Mike Bloomberg. —Noah Higgins-Dunn
The coronavirus pandemic has introduced serious uncertainty into the restaurant industry, leaving questions about how many jobs will be available this summer. While many restaurants are currently only offering carryout, curbside pickup and delivery services, fully reopening could be good for adding summer jobs at a time of high unemployment, CNBC's Kate Rogers and Betsy Spring report. For the past several years, the restaurant industry has typically added more than 500,000 jobs each summer. —Hannah Miller
Apple said that it will reopen its retail stores in Idaho, South Carolina, Alabama and Alaska starting next week. The stores will limit the number of customers at one time and focus on servicing broken products.
Apple will perform temperature checks and employees will wear masks as part of the reopening process. In recent weeks, a few locations have reopened in countries such as South Korea, Australia and Germany. —Kif Leswing
Sales of National Football League tickets are up 234% year-over-year compared to the first 12 hours after the schedule release last year, despite concerns surrounding the global health crisis. The company, which specializes in mobile-based ticket reselling, said it is surprised by such early activity especially as the coronavirus continues to impact uncertainty around live sports events.
"While we certainly assumed there would be some level of demand, we have been surprised to see how strong it is, as fans look forward to football this fall," Chris Leyden, a SeatGeek communications official, told CNBC via email. —Jasmine Kim
Companies like Fox Corp. and AMC Networks are warning about TV advertising declines in the quarter ahead.
A slew of media companies have reported earnings in recent days that showed how TV is trending as advertisers are pulling spend or postponing campaigns until later in the year. With many consumers stuck at home, consumers are tuning into linear TV, which is expected to add 8.3 million U.S. viewers this year, the first time viewership has seen positive growth since 2011, eMarketer said in a new forecast this week.
But that viewership isn't equaling dollar signs. "At a time when lots and lots of companies are slashing their ad budgets, or at least pausing them, now the supply of viewing time or ad inventory exceeds the demand from advertisers to fill it," eMarketer analyst Ross Benes told CNBC. "It's great to get people to watch your show, but each viewer is being monetized much lower than they were months ago." —Meg Graham
The New York Department of Health is investigating whether the coronavirus is causing a severe inflammatory condition in children after a 5-year-old boy in New York City died Thursday, Gov. Andrew Cuomo said.
Other countries, including the U.K. have reported children with the virus who develop the symptoms, which are similar to that of Kawasaki disease and toxic shock syndrome. The World Health Organization has asked its global network of clinicians to be "on alert" for such cases around the world.
The coronavirus was previously believed to mostly spare children. The recently observed conditions in children remain rare, but indicate that the virus presents a threat to young kids." This is every parent's nightmare, right? That your child may actually be affected by this virus. But it's something that we have to consider seriously now," Cuomo said. —William Feuer
As thousands die in the U.S. from the coronavirus, millions of $1,200 stimulus checks are getting sent out by the government.
That prompts the question: Will families of those who recently died due to Covid-19 get to keep the $1,200 checks made out to the deceased? It turns out the answer is not clear cut.
The IRS said this week that it mostly expects stimulus checks sent to the deceased to be returned. But there is an exception based on the timing of the death and when the stimulus checks were received. "A payment made to someone who died before receipt of the payment should be returned to the IRS by following the instructions about repayments," the agency states on its website.
Take two people die on the same day in 2020, for example. One receives the stimulus payment via direct deposit the day before they die. The other is still waiting for a check in the mail. The first one's family will be able to keep the money. That might not be the case for the second family. "I predict more guidance. I predict changes in this," said Janet Holtzblatt, senior fellow at the Urban-Brookings Tax Policy Center. For now, Holtzblatt said families in this situation should hold off on spending that stimulus money. —Lorie Konish
Melinda Gates, co-chairman of the Bill & Melinda Gates Foundation, criticized the Trump administration's response to the coronavirus pandemic and gave it a grade of D-minus.
The U.S. doesn't have national leadership to provide enough tests, protective gear and necessary supplies needed, and such lack of response created "chaos" in the country, said Gates Friday on NBC's "Today" show" In a separate interview with Politico on Thursday, Gates said "now we have 50 different homegrown state solutions instead of a national response" and gave the Trump administration a D-minus grade. —Jasmine Kim
1:45 pm: WHO says 'delayed epidemic' takes hold in eastern Europe as coronavirus cases in Russia rise
As the number of coronavirus cases and deaths rise in Russia, a delayed epidemic is taking hold of eastern Europe, while outbreaks in western Europe subside.
"Russia is just in a different phase of the pandemic and can learn some of the lessons that have been learned at great costs in Asia, in North America and in Western Europe," Dr. Mike Ryan, executive director of WHO's emergencies program, said at a press briefing.
World Health Officials said the country has tested nearly 430,000 people and scaled up its public health measures and lab testing in response to the pandemic. —Jasmine Kim
A staffer for Vice President Mike Pence has tested positive for coronavirus, becoming the second White House aide this week to contract the virus. On Thursday, the White House announced that President Donald Trump's personal valet had also tested positive.
News of the Pence staffer broke as Air Force Two was on the tarmac at Andrews Air Force Base to take Pence to Iowa. The White House medical office has initiated a contact tracing program for the individual, and the retesting of individuals who had contact with them is ongoing, NBC reported.
The two staffers' positive test results deepen concerns about the White House's informal policy of not wearing masks, despite CDC guidelines. Neither Trump nor Pence wears one, nor do the staffers around them in the West Wing and the Executive Office Building adjacent to the White House. —Christina Wilkie
A coronavirus antibody test from Abbott Laboratories is highly likely to deliver correct results, according to the company.
It cited a University of Washington School of Medicine study that found that the antibody test had a specificity rate of 99.9% and a sensitivity rate of 100%, Reuters reported Friday. The results indicate a low probability of incorrectly diagnosing a healthy person and no possibility of false negatives.
Antibody tests are considered crucial in getting the country back to work, as the presence of antibodies could potentially signal immunity to reinfection. —Hannah Miller
Italy reported 243 new deaths from the coronavirus, making it the third country to reach 30,000 deaths, Reuters reported.
The Civil Protection Agency said the death toll since the outbreak hit the country in February is 30,201, according to Reuters.
The United States has the highest death toll from the virus, 75,852, and the United Kingdom's 30,689 fatalities is second highest, according to data from Johns Hopkins University. —Chris Eudaily
Amtrak will introduce a modified schedule for its Acela train service between Washington and Boston starting June 1. Amtrak will restore three weekday Acela round trips and increase service for its Northeast Regional lines from eight to 10 round trips.
The railroad service is also implementing new safety measures such as mandatory cashless payments, new glass barriers at station ticket offices and limited seating in dining and cafe areas on trains. Amtrak announced Thursday that it would require employees and passengers to wear facial coverings on trains and in stations. —Hannah Miller
Nearly 4.1 million homeowners are skipping monthly mortgage payments, much higher than federal regulators expected. In just the past week, 225,000 more borrowers took advantage of the government mortgage bailout, according to data firm Black Knight.
Homeowners can put off payments for 90 days under the CARES Act and then apply for extensions of a year. The total number of forbearances represents $890 billion in unpaid principal, CNBC's Diana Olick reports. —Hannah Miller
Nearly 4 in 5 unemployed workers see their layoff as temporary, and economists say that could be a good sign for the economy. The 18 million workers who described themselves as temporarily laid off expect to return to work in six months.
Michelle Meyer, Bank of America head of U.S. economics, said that is a "silver lining" in the dismal April jobs report, which showed a loss of 20.6 million payrolls. But she said "time is of the essence" to get those workers back to their jobs, before they risk becoming permanent layoffs. —Patti Domm
Tickets for the opening day of Disney's Shanghai theme park sold out within minutes of going on sale.
Shanghai Disneyland, which has been closed since Jan. 25, will reopen to the public Monday.
Before the coronavirus pandemic, the park saw around 80,000 visitors per day. The government has mandated that Disney operate at 30% capacity, or about 24,000 visitors, when it reopens. However, Disney CEO Bob Chapek said the park will start operations below that capacity and ramp up to the 30% threshold over the course of several weeks.
Guests are required to purchase their admission tickets prior to arriving at the park and will need to wear masks while in the park, except when eating. —Sarah Whitten
While some restaurants and bars will reopen with limited capacity sooner rather than later, the sector is likely to face widespread decimation, according to industry and health experts.
Establishments already hurt by prolonged closures will face steep costs to reopen their doors and sharp cuts to profit margins because of capacity limits.
And even if restaurants find it economically feasible to reopen, there's no guarantee Americans would feel safe enough to show up in the numbers necessary for a recovery. In fact, 68% percent of Americans say they would feel uncomfortable eating at a restaurant, according to a late April survey from SAP's Qualtrics, the employee management software company. —Alex Sherman and Amelia Lucas
The leisure and hospitality sector lost 47% of its jobs in April as the broader U.S. economy shed more positions last month than in any other since before World War II. The vast majority of the sector's 7.7 million decline was concentrated in the food service industry, including waiters, chefs and cashiers. Those workers alone saw net job losses total 5.5 million.
Health care, too, saw a steep decline of 1.4 million jobs as providers paused elective surgeries and regular checkups to prioritize preparation for, and treatment of, Covid-19 patients. —Thomas Franck
Biopharma company Sorrento Therapeutics and Mount Sinai Health System in New York City announced they have joined forces to develop an antibody cocktail called COVI-SHIELD they hope will protect against the coronavirus for up to two months.
This therapy is designed to be resistant to future virus mutations since it uses three neutralizing antibodies to ward off the disease.
Utilizing an FDA-approved diagnostic test under emergency use authorization, Mount Sinai researchers have screened approximately 15,000 Covid-19 convalescent patients for highly concentrated, virus-neutralizing antibodies that will be used to produce the treatment.
The jury is still out on how effective antibody treatment is against Covid-19. The FDA is trying to discern what level of immunity people have after they have recovered from the virus. —Lori Ioannou
Stocks rose in early trading, despite a staggering jobs report.
The Dow Jones Industrial Average was up more than 300 points, or 1.3%, in early trading. The S&P 500 gained 1.1% and the tech-heavy Nasdaq Composite, which turned positive for the year on Thursday, gained another 0.8% in the first minutes of trading. Read more on the markets from CNBC's Fred Imbert. —Sara Salinas
9:32 am: Moderna CEO says supply of coronavirus vaccine will be limited, US will help decide who gets it first
Moderna anticipates it will work "very closely" with the U.S. government to determine who will get the first doses of its experimental vaccine if it is proven to work, CEO Stephane Bancel told CNBC. The company announced Thursday that the Food and Drug Administration cleared its potential vaccine for a phase 2 trial.
"We will all be supply constrained for quite some time, meaning we won't be able to make as many product as will be required to vaccinate everyone on the planet," he said on CNBC's "Squawk Box."
Read the full report on the Moderna CEO Stephane Bancel interview from CNBC's William Feuer. —Melodie Warner
Tesla will attempt to restart production at its U.S. car plant in Fremont, California, on Friday afternoon, CEO Elon Musk told employees in an e-mail sent overnight. The plant will resume "limited operations" by bringing back around 30% of the employees that would normally work on a given shift, Tesla's HR boss, Valerie Capers Workman, said in a separate e-mail.
Alameda County, where the plant is located, has a shelter-in-place order effective through May 31, according to the county Public Health Department website.
Read the full report on Tesla's Fremont plant operations from CNBC's Lora Kolodny. —Melodie Warner
The U.S. labor market in April dropped to historic levels as 20.5 million workers were slashed from nonfarm payrolls, sending the unemployment rate skyrocketing to 14.7%, according to the Labor Department. Economists surveyed by Dow Jones had been expecting payrolls to shed 21.5 million and the unemployment rate to go to 16%.
April's unemployment rate topped the post-war record 10.8% but was short of the Great Depression high estimated at 24.9%. The Great Recession peak was 10% in October 2009.
Read the full report on the U.S. labor market from CNBC's Jeff Cox. —Melodie Warner
The seafood market in Wuhan, China, played a role in the outbreak, but more research is needed to determine whether it's the source of the virus or was an "amplifying setting," the World Health Organization said, according to Reuters.
WHO officials previously said the coronavirus emerged from a seafood market in Wuhan and likely originated in bats, then jumped to an "intermediate host" before infecting humans. Scientists continue to run tests on various animals but have so far not found the host responsible for the outbreak.
"The market played a role in the event, that's clear. But what role [was] we don't know, whether it was the source or amplifying setting or just a coincidence that some cases were detected in and around that market," said Dr. Peter Ben Embarek, a WHO expert on food safety and zoonotic viruses, Reuters reported.
The WHO is in talks with China to send a follow-up mission to the country to investigate the animal source of the virus, a WHO official said Wednesday. —Will Feuer
Indonesia is easing bans on domestic air and sea travel earlier than planned, according to Reuters.
The country two weeks ago put in place bans on certain domestic travel with the intention to keep restrictions in place until the end of May. The government has lifted those restrictions for Indonesians who work in security, defense and health services; those who have emergency health reasons; and migrant workers returning home, Reuters reported.
Travelers must have tested negative for Covid-19 and have a letter from their employer. —Sara Salinas
Read CNBC's coverage from CNBC's Asia-Pacific and Europe teams overnight here: Spain reports uptick in daily deaths; Australia plans reopening in 3 stages