Wall Street got a fresh look at U.S. employment on Friday, with new data from the Department of Labor showing 1.76 million jobs were added in July, amid rising infection rates and renewed virus-related shutdowns. The economy added 4.8 million jobs in June. Though the jobs recovery may be slowing, other areas of the economy are gradually returning to a level of normalcy. Home renovations have boomed as Americans stayed indoors, and New York Gov. Andrew Cuomo gave every school district in the state the green light to reopen for in-person learning in the fall.
Here are some of today's big developments:
The following data was compiled by Johns Hopkins University:
- Global cases: More than 19.1 million
- Global deaths: At least 715,555
- U.S. cases: More than 4.88 million
- U.S. deaths: At least 160,111
Stimulus talks fall apart in ‘disappointing’ meeting
Negotiations around a second coronavirus relief bill have fallen apart, after days of optimism but few concessions from top lawmakers. Congressional Democrats and the White House failed to agree on the money they want to shell out as pandemic aid.
Senate Minority Leader Chuck Schumer, D-N.Y., called a meeting between negotiators "disappointing," and House Speaker Nancy Pelosi said she told White House representatives to "come back when you are ready to give us a higher number."
Treasury Secretary Steven Mnuchin and White House chief of staff Mark Meadows told reporters they have each advised President Donald Trump to extend assistance to Americans through executive action in the absence of a deal. —Sara Salinas
Dr. Fauci says chance of vaccine being highly effective isn't great
The chances of scientists creating a highly effective vaccine — one that provides 98% or more guaranteed protection — against the virus are slim, according to Dr. Anthony Fauci, the nation's leading infectious disease expert.
Scientists are hoping for a coronavirus vaccine that is at least 75% effective, but 50% or 60% effectiveness would be acceptable too, Fauci told the Brown University School of Public Health. "The chances of it being 98% effective is not great, which means you must never abandon the public health approach."
The Food and Drug Administration has said it would authorize a coronavirus vaccine so long as it is safe and at least 50% effective. Fauci's comment came a day after the World Health Organization cautioned about the development of vaccines, reiterating that there may never be a "silver bullet" for the virus. —Berkeley Lovelace Jr.
Germany and France abandon WHO reform discussions amid tension with the U.S.
France and Germany are no longer in talks on reforming the World Health Organization, Reuters reports. The two countries have quit discussions amid tension over the United States leading the negotiations despite deciding to leave the WHO, officials told Reuters.
President Donald Trump wanted to release a roadmap for overhauling the WHO in September, according to the news service. The United States announced in July it will leave the organization as Trump made accusations that the WHO worked too closely with China and mismanaged the coronavirus crisis.
Reuters reported European governments have also criticized WHO but not to the extent of Trump.
"The U.S. should not take the lead in the WHO reform process after announcing their intention to leave the organization," France's health ministry said, according to Reuters.
The initial reform roadmap proposed by the United States was seen as too critical by European allies, with one official describing it as "rude," the news service reported. –Suzanne Blake
Home remodeling is reaching new levels amid the pandemic
When the coronavirus forced many Americans to shelter at home for extended periods of time, many families put their sights on finally accomplishing long-put-off renovations.
Online home remodeling platform Houzz said there was a 58% annual increase in project leads for home professionals in June, CNBC's Diana Olick reports.
Outdoor renovations saw the sharpest increase in demand, as searches for pool and spa professionals jumped three times what they were last year. Poolcorp, an international distributor of swimming pools and outdoor products, saw its stock hit a record high this week and is up about 54% so far this year.
Kitchen and bath, home additions and security renovations also saw significant upticks this year as remodeling professionals adapt to the times by scheduling more video meetings through platforms like Houzz.
Home equity has been a source of funding for these home projects, according to ATTOM Data Solutions. But the typical American is also spending less on eating out and vacations, and are instead putting more money back into their homes. –Suzanne Blake
Hawaii reinstates coronavirus restrictions as cases grow
Hawaii will reinstate restrictions to curb the spread of the coronavirus as cases in the state continue to climb and health officials predict more deaths and hospitalizations in the weeks to come.
Cases in Hawaii have grown by more than 85% over the previous week as of Thursday, hitting a record high of roughly 132 new cases per day based on a seven-day moving average, according to a CNBC analysis of data compiled by Johns Hopkins University.
"There is no question that the virus is surging in our state, and I know that many are worried about their health," Gov. David Ige said at a press briefing Thursday. "As we reopened our community, people let their guard down. It's been very disappointing."
Ige said he will reinstate inter-island travel restrictions beginning on Tuesday, ordering travelers arriving in Kauai, Hawaii, Maui and Kalawao counties to quarantine for 14 days. The inter-island quarantine, which was previously lifted on June 16, will continue through the end of August. Honolulu Mayor Kirk Caldwell said the almost 300 city and county parks on the island of Oahu will close beginning Friday through Sept. 5, including the beaches. —Noah Higgins-Dunn
Employees of software company Atlassian won't have to return to the office
The software company will keep all of its offices open for those who wish to use them. The company has not yet figured out the details on how compensation could change for employees who move to other parts of the world.
The company will also look to hire people outside of the areas where it has historically hired, including Australia, where it was established in 2002, and the San Francisco Bay Area. —Jordan Novet
New York governor gives schools the green light to reopen in the fall
All school districts in New York will be allowed to reopen this fall, including New York City, although some individual schools are still awaiting approval from the health department on their plans to keep children and staff safe, Gov. Andrew Cuomo announced on a conference call.
"Good news: All schools can reopen. Again, we have the best infection situation in the country. If any state can do it, this state can do it because we've been smart from day one," Cuomo told reporters on the call.
Although the state has granted all school districts permission to reopen, it doesn't mean all of them will. Individual districts must determine the best way to begin the upcoming school year, he said.
"They can do in-person school but it is up to them. In-person, hybrid, outdoor education, remote education, a blend, half day, quarter day, third day, that is all up to their discretion."
Cuomo said there are 749 districts that have to submit plans to the New York State Department of Health on how they plan to keep children and staff safe while attending classes in person. He said 127 districts have not submitted plans and 50 have plans that are either incomplete or deficient. —Noah Higgins-Dunn
CORRECTION: This post has been updated to reflect the direct quote from Cuomo regarding the discretion schools have for in-person instruction for the fall.
Delta expects to have too many flight attendants next summer
More than 4,000 of Delta's roughly 24,000 flight attendants have already opted to leave the company altogether, accepting buyouts or early retirement packages that include cash severance, flight and health benefits.
Delta told flight attendants that it needs "at least" 3,000 of the remaining cabin crew members to take unpaid leave of up to 12 months, work reduced hours or in other departments, to avoid involuntary furloughs, according to a company memo.
Airlines are prohibited from laying off workers until Oct. 1 under the terms of $25 billion in federal payroll support. —Leslie Josephs
UPS increases fees ahead of flood of holiday packages during the pandemic
The surcharges apply to some packages shipped within the U.S. and others shipped internationally. The fees depend on the item's weight, when it is sent and whether a customer ships a high volume of packages.
With stay-at-home orders and the spread of the coronavirus, Americans have shopped online for everything from food to exercise equipment. During the holiday season, they may shop online more than usual for gifts, too — particularly if there's another wave of Covid-19 cases. The charges will add up to higher costs for retailers and other sellers, which they can absorb or pass on to customers. —Melissa Repko
Coronavirus aid deal looks less likely as talks sputter
After more than a week-and-a-half of meetings, coronavirus aid talks have barely made any progress.
After more than three hours of discussions Thursday night, Democrats and Trump administration officials said they remained far apart on the thorniest issues at stake in the pandemic relief talks. Those include an extension of extra federal unemployment insurance, aid for state and local governments, and money to help schools reopen.
Treasury Secretary Steven Mnuchin and White House chief of staff Mark Meadows said President Donald Trump will consider executive actions to offer coronavirus aid if the sides fail to make progress Friday. So far, they do not have a meeting scheduled.
Millions of Americans face the prospect of financial ruin after the $600 per week jobless benefit and a moratorium on evictions from federally-backed housing expired late last month. —Jacob Pramuk
Governors roll back alcohol sales hours for bars, but owners question impact
States including Alabama, Colorado and North Carolina have placed restrictions on the hours when alcohol can be sold in an attempt to keep people socially distanced and making public health-informed decisions. Bar owners have questioned how much of an impact these measures will have, however, as they add to the financial strain these businesses have suffered during the pandemic.
The new orders have been positioned as alternatives to more restrictive measures, such as closing down bars altogether. On Wednesday, Rhode Island Gov. Gina Raimondo said the state has been "bending over backwards to keep the bars open," allowing the bars to stay open until 11 p.m. every night.
Bars owners said they are happy to do their part to support public health amid the pandemic, but feel frustrated with these new time limits as they say they feel arbitrary. —Alex Harring
Virus hot spots pop up across the South
Pfizer agrees to manufacture Gilead's coronavirus drug remdesivir
The multi-year agreement will support efforts to scale up the supply of the intravenous drug, which has shown to help shorten the recovery time of some hospitalized coronavirus patients, the company said. Pfizer will manufacture the drug at its McPherson, Kansas facility.
The deal comes as Pfizer continues its effort to produce a potential vaccine for the coronavirus. Last week, the company said it began a late-stage trial that will include about 30,000 participants. If it is successful, they expect to submit it for final regulatory review as early as October. —Berkeley Lovelace Jr.
U.S. stocks slip as stimulus uncertainty offsets strong jobs report
U.S. stocks opened lower as ongoing coronavirus stimulus negotiations dampened the market's enthusiasm over a stronger-than-forecast U.S. jobs report, reports CNBC's Fred Imbert, Eustance Huang and Yun Li.
The Dow Jones Industrial Average traded 96 points lower, or 0.3%. The S&P 500 dipped 0.3% and the Nasdaq Composite pulled back by 0.4%. —Melodie Warner
Jobs recovery slows, with 1.76 million added in July
The U.S. jobs recovery slowed in July, with the economy adding 1.76 million to nonfarm payrolls. That's down significantly from the 4.8 million added in June, but better than economists' expectations of 1.48 million new payrolls.
Workers returned to work en masse in June, as states reopened businesses and loosened coronavirus-related restrictions. But spiking case numbers at the end of June and beginning of July saw several states walk back reopening plans and more companies impose their own public safety efforts. —Sara Salinas
University of Washington model predicts 300,000 U.S. deaths
The coronavirus could kill nearly 300,000 Americans by December, according to new data from the Institute for Health Metrics and Evaluation at the University of Washington. But consistent mask-wearing by 95% of people in the U.S. could save around 70,000 lives, the data predicts.
Models have previously predicted that the U.S. could see 200,000 coronavirus deaths by October.
The coronavirus has killed more than 160,100 people in the U.S., the largest death toll of any country globally, according to Johns Hopkins University.
"We're seeing a rollercoaster in the United States," IHME Director Dr. Christopher Murray said in a press release. "It appears that people are wearing masks and socially distancing more frequently as infections increase, then after a while as infections drop, people let their guard down and stop taking these measures to protect themselves and others – which, of course, leads to more infections. And the potentially deadly cycle starts over again." —Noah Higgins-Dunn
Russia offers to supply the Philippines with vaccine
Russia offered to supply a coronavirus vaccine to the Philippines or partner with a local firm to mass produce the drug, according to Reuters, citing the country's ambassador to Manila. Russia is expecting regulatory approval for its first potential Covid-19 vaccine this month, with doses to be administered to front-line health workers first.
"We are ready to supply vaccines to the Philippines," Igor Khovaev, Russia's ambassador to the Philippines, told a virtual news conference.
Coronavirus cases in the Philippines have surged, and Covid-19 deaths are now on the rise, after the country lifted its lockdown measures in June. —Noah Higgins-Dunn