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States are hardest hit by unemployed claims

This is CNBC’s live blog covering all the latest news about the coronavirus outbreak. All times below are Eastern. This blog will be updated all day when news breaks.

  • Global cases: More than 492,000
  • Global deaths: At least 22,000
  • American cases: at least 69,000
  • US deaths: At least 1,000

The above information was compiled by Johns Hopkins University.

14:09: Coronavirus may be more deadly than 1918 flu

Three months after the corona virus originated in China, it has spread rapidly to almost half a million people worldwide, killing more than 22,000 people and bringing the world economy to an almost grinding halt.

Some scientists estimate that millions will eventually die before COVID-1

9 goes live. There is much that specialists in infectious diseases and scientists still do not know about the virus. Exactly how deadly and contagious COVID-19 is is still a matter of debate.

We break down what we know about the virus and how it compares to some of history’s deadliest pandemics and diseases. First you need to get into some epidemiology. —Berkeley Lovelace

Kl. 13.48: Italy death rate increases by 662 in one day, now amounts to more than 8,000

The death rate from an outbreak of coronavirus in Italy has increased by 662 to 8,165, the Civil Protection Agency said.

However, there appeared to be an error in the agency’s data as it reported no deaths on Thursday in the third worst affected region, Piedmont, which would be outstanding in recent days.

Separately, the Piedmont authorities said their death toll had increased by 50 over the past 24 hours.

On Wednesday, however, 683 people. It followed 743 deaths on Tuesday, 602 on Monday, 650 on Sunday and a record 793 on Saturday – the highest daily figure since the infection appeared on February 21.

The total number of confirmed cases in Italy rose to 80,539 from previously 74,386, says the Civil Protection Agency – the highest number of new cases since March 21.

Of those originally infected across the country, 10,361 had recovered on Thursday compared to 9,362 the day before. There were 3,612 people in intensive care compared to previously 3,489.

The hardest hit northern region of Lombardy reported a sharp increase in deaths compared to the day before and remains in a critical situation, with a total of 4,861 deaths and 34,889 cases.

This compared with 4,474 deaths and 32,346 cases reported until Wednesday. -Reuters

1:23 pm: States with the most job losses so far due to coronavirus

The record-breaking spike in US unemployment claims data varied in its impact on American workers depending on the state as governors across the country introduced various combinations of restrictions and closures to help curb COVID-19. –Thomas Franck, John W. Schoen

13:09: WeWork assures investors that they have enough money to weather the fall in corona virus

WeWork tells investors that they have enough cash to carry out their long-term plans and weather the challenges that COVID-19 poses in the short term.

In a seven-slide course for investors, WeWork said it had $ 4.4 billion in cash and cash at the end of 2019. The company is expected to release financial results for the full year after the market closed on Thursday.

In a letter obtained by CNBC, WeWork’s CEO Marcelo Claure and CEO Sandeep Mathrani say that the company “has a strategic plan and a sound financial position.”

WeWork is the second SoftBank-backed company that assures investors that its cash position will get through an increasingly uncertain and unstable year. –Deirdre Bosa, Laura Batchelor

12:57 pm: Nancy Pelosi predicts more direct payments during the krona virus crisis

US President Nancy Pelosi talks to reporters during her weekly press conference at the US Capitol March 26, 2020 in Washington, DC.

Alex Edelman | AFP | Getty Images

As the House prepares to approve a historically massive $ 2 trillion coronavirus relief bill, Speaker Nancy Pelosi outlined more measures she wants to take to stave off damage to the economy and health care.

After the Senate passed the package, believed to be the largest rescue plan in U.S. history, on Wednesday night, Parliament hopes to follow suit on Friday in what Pelosi predicted to be a “strong, bipartisan” vote. The California Democrat set the stage for more legislation at Congress when pandemic outbreaks nationwide.

Pelosi indicated that she would push to send more money directly to Americans on top of the cash payments specified in the Senate-approved bill. The proposal would provide up to $ 1,200 to eligible individuals and $ 2,400 to couples, which will be phased out for people earning more than $ 75,000. –Jacob Pramuk

12:46 PM: Cuomo says “reckless” $ 2 trillion coronavirus bill doesn’t help New York’s revenue

New York Governor Andrew Cuomo called the $ 2 trillion relief package aimed at facilitating the financial impact of the “irresponsible” and “reckless” corona virus, saying it doesn’t do enough for his state’s huge revenue loss.

“In my opinion, the Congress measures simply failed to meet the state need,” Cuomo said at a press conference in Albany.

Cuomo said the $ 5 billion New York would receive from the bill does not come close to covering the state’s estimated revenue shortfall, which could amount to $ 15 billion.

“I’m disappointed, I said I was disappointed. I think it’s irresponsible, I think it’s reckless,” Cuomo said. “When this is over, I promise you I will give them a piece of my mind.” –Noah Higgins-Dunn, Kevin Breuninger

Kl. 12.39: US cancels plans to buy oil after funding is released from the $ 2 trillion stimulus package

The US Department of Energy is suspending its plans to buy crude oil for the country’s Strategic Petroleum Reserve after the requested $ 3 billion in funding for the project was released from the $ 2 trillion stimulus package.

“Given the current uncertainty related to adequate congressional appropriations for the purchase of crude oil in connection with the call on March 19, 2020, the ministry is withdrawing the application,” said an amendment filed Wednesday. “If funding is secured for the planned purchases, the ministry will issue the request,” it added.

The original request for proposals, filed March 19, outlined plans to purchase the first 30 million barrels of US-made crude oil for SPR of a total of 77 million barrels.

But funding to implement the plan was provided outside the $ 2 trillion stimulus package that the White House and Senate agreed to Wednesday night, and which the House is expected to vote on Friday. Originally, $ 3 billion had been requested for the project. –Pippa Stevens

Kl. 12.28: Coronavirus cases in New York soar to 37,258 when state cramps for ventilators

Coronavirus cases in New York continue to grow, peaking at 37,258 as the state crawls to find enough hospital beds and ventilators to handle the upcoming attack on patients, Prime Minister Andrew Cuomo said.

More than 5,300 residents have already been hospitalized and the state plans to climb to 140,000 in the next two to three weeks, he said. At least 1,517 people have been laid off, he added. The state has already spent $ 1 billion trying to stimulate the outbreak, and estimates company closures will cost about $ 10 to $ 15 billion in lost revenue.

“Being angry is a luxury, we don’t have time to be angry. Let’s just deal with the facts,” Cuomo said at a press conference in Albany. –Berkeley Lovelace Jr.

12:20: “They put us all at risk:” What it’s like to work in Amazon’s warehouse during the outbreak

When the coronavirus outbreak has worsened, many Americans have gone into their homes and turned to online marketplaces like Amazon to get essentials like toilet paper, food and hand sanitizer delivered to their door.

While physical stores are out of stock and cities are in lockdown, Amazon’s warehouse workers, delivery managers and contract staff have praised their fears of continuing to work during a crisis. Amazon has called its employees “heroes who fight for their communities” and CEO Jeff Bezos said workers’ efforts were “marked at the highest levels of government.”

Warehouse workers and other employees at Amazon do not see their jobs with the same rosy optimism. A dozen Amazon workers told CNBC they are terrified of going to work during a pandemic, while others have expressed frustration over how their employers have responded to the threat of coronavirus in their workplaces. Many of the workers asked to be anonymous so as not to upset their employer. –Annie Palmer

12:12 PM: Hedge fund billionaire Paul Tudor Jones gets emotional about his daughter getting coronavirus

Paul Tudor Jones, one of Wall Street’s most influential investors, became personal about his daughter’s recovery from coronavirus and how he aims to help New York’s most vulnerable citizens.

In a surprising revelation, Tudor Jones told CNBC: “My heart goes out to the people who will be our first defenders. My heart goes out to the people who will be hit. My own daughter has CV-19 right now. She is recovering after. ” –Matthew J. Belvedere

Kl. 12:01 PM: Treasury chief Mnuchin says recordless unemployment claims “are not relevant” right now

Treasury Secretary Steven Mnuchin waved aside the jaw dropping new unemployment claims by more than 3 million Americans, saying that the record-keeping number of unemployment as filing “is currently irrelevant.”

Mnuchin said that “the good news” is a $ 2 trillion ticket bill that is working its way through Congress aimed at alleviating revenue losses and other financial downturns from the coronavirus pandemic.

Mnuchin said the purpose of this package is that many people who have recently lost their jobs as a result of the coronavirus outbreak will be hired back by their employers with this relief.

Asked about his reaction was to see the 3.28 million new unemployment claims reported last week on CNBC’s “Squawk on the Street,” Mnuchin said, “To be honest, I think these numbers are not right now relevant if they are larger or shorter in the short term. “-Dan Mangan

11:53 am: ‘Virus-proofing’ family deli – How a small business owner struggles to slow the spread of Coronavirus

Buyers at Felice Italian Deli in Clearwater, Florida are provided with hand cleaners and are asked to send gloves before entering and the facility has now begun “touchless transactions.” Gabriella D’Elia is ahead of the game in Florida, but she hopes being proactive will save lives and help flatten the curve … one customer at a time. –Ray Parisi

11:49 pm: Craft distillers and breweries making remedies lobby Congress and FDA to continue producing

Crew members apply labels to bottles for hand cleaning at Eight Oaks Farm Distillery in New Tripoli, Pennsylvania, March 19, 2020.

The Fire Eastwood | AFP | Getty Images

Whiskey sales have dropped by at least 50% at New Liberty Distillery in Philadelphia due to the closure of bars, restaurants and state liquor stores due to the coronavirus outbreak. The pain can be even greater for many others, owner Robert Cassell said.

“Some distilleries, that number is probably closer to 80% as there are smaller businesses that rely directly on the consumer [channel], said Cassell, who is also the president of the Pennsylvania Distillers Guild.

Hoping to use their facilities to fight the coronavirus outbreak and keep employees on the payroll, the guild has partnered with the state of Pennsylvania to produce 100,000 bottles of hand sanitizer with alcohol that would normally fill liquor bottles. Bottles of sanitizer have been defective because people seem to prevent the spread of the highly infectious virus. –Frank Holland

11:41 PM: Streets in India sit cruelly empty in the middle of coronavirus lockers

This aerial photograph photographed on March 25, 2020 shows a deserted road, as a nationwide lockdown continues following the coronavirus outbreak March 25, 2020 in Kolkata, eastern India.

Debajyoti Chakraborty | NurPhoto | Getty Images

Streets in India usually lively with people and traffic stopped until Wednesday as the country with 1.3 billion people endured the first day of a national lockdown caused by the coronavirus pandemic.

Prime Minister Narendra Modi announced the new measure on Tuesday, saying that people would have to stay in their homes for the next 21 days with only important services open. The move is designed to limit the spread of the virus and prevent the country’s already fragile health system from bending under a wave of critically ill patients. –Adam Jeffery, Hannah Miller

11:24 pm: Markets take 3 million claims in increments and now support “tsunami of negative news”

The first crushing wave of 3.28 million workers seeking unemployment benefits is expected to be followed by millions more in the coming weeks as the effects of virus-related shutdowns ripple across the US economy.

Economists had expected somewhere between 1 million and 4 million new claims were filed for the week ending March 21, as the effects of the first state protection orders in place affected workers. The $ 3.28 million is a record and dwarfs the previous record of nearly 700,000 claims filed during a week in 1982.

The shares increased after the claim was reported. Treasury rates, which move at the opposite price, rose higher but were still lower on the day.

“This week’s sharp increase in complaints was well advertised well before the pressure,” says Art Hogan, market strategist at National Securities. “People talked about the potential for this to be as high as 6 or 7 million. The market’s focus now is on the fact that we are likely to receive a historically large fiscal stimulus proposal signed in the House by Friday. This is just the beginning of a tsunami. of negative news … Everything on the financial data front will start to look terrible. “-Patti Domm

11:17 pm: Senators will leave Washington until April 20 – but the krona virus crisis may force them to return

Senate Majority Leader Mitch McConnell said the House would postpone for nearly a month after passing a historically huge $ 2 trillion coronavirus relief package late Wednesday night.

But when the outbreak takes a toll on American health and economic well-being, the unprecedented crisis may force Congress to act again sooner than the Senate’s scheduled return date April 20. McConnell acknowledged the reality Wednesday night and promised the House would stay “vigilant” as the pandemic spread.

“If circumstances require the Senate to return for a vote by April 20, we will give at least 24 hours notice,” he said. –Jacob Pramuk

11:00 AM: US “patchwork” efforts to limit the spread of coronavirus are not enough, former Obama advisers say

“Patchwork” efforts by local and state officials across the United States to curb the spread of coronavirus are not enough, former Obama White House health adviser Dr. Ezekiel Emanuel, for CNBC.

State and local officials have implemented a variety of “on-site protection” orders, ending non-essential businesses, bars and restaurants to contain the spread of coronavirus. Without a national lockdown, the states that have issued on-site protection orders order a large portion of the economic damage, Emanuel said. Worst is that these efforts are undermined by other regions that do not do the same.

“If we don’t have a complete national lockdown … You will have these roller coaster. You include it in some area. Then we try to make it easier, then it just blooms again and we will never get it under control throughout the country, “said Emanuel, vice provost for global initiatives at the University of Pennsylvania, in an interview on CNBC’s” Squawk Box. ” —William fire

Kl. 10:40 pm: Gig workers for companies like Uber, Lyft would receive unemployment benefits under the Senate stimulus bill

Gig workers won a landmark protection in the $ 2 trillion stimulus proposal, which was passed in a unanimous 96-0 vote in the Senate on Wednesday. The bill is now being moved to the House, which is expected to vote on Friday.

The bill would allow players who play Uber and Lyft as well as freelancers and self-employed persons to be able to apply for unemployment benefits. It would also add $ 600 per week for up to four months compared to what the recipients normally receive.

The protection also marks a profit for companies that employ players and rely on their companies to function. —Lauren Feiner

10:08: Dow accumulates 600 points, leads to 3-day winning series

Shares traded significantly higher on Thursday even after the release of record-breaking initial unemployment claims caused by the coronavirus pandemic. The Dow Jones Industrial Average jumped 650 points, or more than 3%. The S&P 500 gained almost 3%, while the Nasdaq Composite advanced 2.6%. These gains put the big averages on the right track for a three-day winning row. —Fred Imbert, Pippa Stevens, Eustance Huang

09:41: Coronavirus stimulus checks will come within three weeks, says Mnuchin

US Treasury Secretary Steven Mnuchin speaks during the daily briefing on the new coronavirus, COVID-19, at the White House on March 25, 2020 in Washington, DC.

Mandel Ngan | AFP | Getty Images

Treasury Secretary Steven Mnuchin said Thursday that people will begin receiving emergency checks within three weeks as the country rolls out of the coronavirus pandemic.

Mnuchin spoke with CNBC in the morning after the Senate passed a $ 2 trillion stimulus package intended to disrupt financial damage as a result of the spread of coronavirus. The House is expected to vote on the legislation on Friday.

The massive relief bill offers direct cash payments of up to $ 1,200 for individuals and $ 2,400 for couples, with $ 500 added for each child, based on 2019 tax returns for those who filed them and 2018 information if they did not. . The benefit begins to be liquidated for individuals earning $ 75,000 in income and ends entirely for those earning $ 99,000 or more. —Kevin Breuninger

9:35 am: Lager jumps for a third day and shakes off a record break in unemployed claims due to the corona virus

Shares opened higher on Thursday, even after the initial unemployment claims were released by record breaking caused by the coronavirus pandemic. The Dow Jones industrial average jumped 500 points, or more than 2%. The S&P 500 gained more than 1.5% with the Nasdaq Composite.

Boeing, JPMorgan Chase and Intel drove Dow’s profits and increased by at least 3%. Industries and health care were the best performing sectors in the S&P 500 as both traded more than 2% higher. —Fred Imbert, Pippa Stevens, Eustance Huang

9:30 am: Trump’s claim that malarial drugs can treat coronavirus gives hope, but little evidence, it will work

Hopes for a coronavirus treatment were reinforced after President Donald Trump announced at a White House press conference last week that two anti-malaria drugs were a “game-changer” that has shown “very, very encouraging results.”

But researchers and experts on infectious diseases say Trump’s claims about the drugs – chloroquine and hydroxychloroquine – may be a little premature. While some small studies give doctors reason to hope, major clinical trials are needed to determine if the drugs are really effective in the fight against COVID-19, they say.

To pass the FDA’s design and gain widespread use, chloroquine and azithromycin must undergo rigorous clinical trials with thousands of participants – not a few dozen, according to agency guidelines. —Berkeley Lovelace Jr.

9:18 pm: Senate’s $ 2 trillion $ 2 corona virus package includes employer payroll tax delays

The Senate stimulus package of $ 2 trillion designed to contain the financial damage from the coronavirus will postpone employers’ payroll taxes, a major source of income for Social Security and Medicare.

The bill, passed late Wednesday, will allow companies to pay their payroll taxes for 2020 through the end of 2022. They will have to pay 50% by the end of 2021.

The Senate legislation, which has been described as the largest bailout in history, must be approved by the democratically controlled House of Representatives and signed by the President to become law. The Chamber is expected to vote on the matter on Friday. —Tucker Higgins

08:57: Udacity offers free technology training for laid-off workers

The online learning platform Udacity responds to the COVID-19 pandemic by offering free technical training to workers who are laid off as a result of the crisis.

On Thursday, the Mountain View, California-based company revealed that in the wake of the layoffs and storms of major US companies, including Marriott International, Hilton Hotels and GE Aviation, it will offer its courses – known as nanodegrees – for free to individuals in the United States who have released due to coronavirus. The average price for an individual application for a nanodegree is about $ 400 per month, and the degrees take anywhere from four to six months to complete, according to the company. —Susan Caminiti

8:47 AM: Ford plans to restart production at “major” car plants beginning in early April

8:30 am: This week’s unemployed claims rise to 3.28 million

Americans displaced by the coronavirus crisis posted unemployment in record numbers, with the Labor Department reporting a rise to 3.28 million for the week ending March 21.

The number spreads the major recession of 665,000 in March 2009 and the all time mark of 695,000 in October 1982. Companies across the country have been shut down under a social distance policy aimed at keeping the virus’s growth in check. Individual states have reported sites crashing in the midst of a rush to file. —Jeff Cox

08:19: German employment index hits lowest since Jan 2010

Ifo Economic Institute’s German employment barometer fell in March to its lowest level since January 2010, the newspaper Handelsblatt reported, adding that the decline is the biggest since the record began in 2002.

“German companies put the brakes on staff planning,” said Ifo expert Klaus Wohlrabe about the data, which the Munich Institute calculates monthly for Handelsblatt based on the employment measures of about 9,000 companies.

“An increase in unemployment will be inevitable despite short-term work,” Wohlrabe said, citing a government-backed system that allows companies to hire workers for shorter hours. -Reuters

08:18: Swiss coronavirus cases 10,000, with 161 deaths

Switzerland has 10,714 confirmed coronavirus infections and 161 people have died from the disease, says the Federal Office of Public Health. The figures were updated as of 0715 GMT, it said. -Reuters

8:01 am: Dow futures down 300 points as trader support for unemployed claims reports

People gather at the entrance to the New York State Department of Labor office in Brooklyn, which was closed to the public because of the coronavirus disease outbreak March 20, 2020.

Andrew Kelly | REUTERS

US stock futures plunged early in the morning as investors looked ahead to the national weekly data on unemployed claims, which are expected to show a record-breaking peak.

Dow futures indicated an opening fall of more than 300 points in the open market. S&P 500 futures and Nasdaq 100 futures pointed to opening losses of more than 1%. National weekly initial information on unemployment claims will be out at 8:30 pm ET. Economists project record-breaking numbers. —Fred Imbert, Pippa Stevens, Eustance Huang

07:45: Fed chief Powell’s announcement to Americans: “Federal Reserve is working hard to support you”

Federal Reserve Chairman Jerome Powell told the Americans that the central bank is working hard to support them in these exceptional economic conditions.

“The Federal Reserve is working hard to support you now, and our policy will be very important when the recovery comes, to make this recovery as strong as possible,” Powell said on NBC’s “Today.”

“Really, the message is this: This is a unique situation, it’s not like a typical decline. We’ve asked people to step back from economic activity to make investments in our public health. They are doing it for the public good and this bill that just has Adopted will try to provide relief and stability for these people, “Powell added. —Maggie Fitzgerald

19:23: US case with increased increase than most

In the United States, the rapid increase in the distribution of coronavirus test kits has probably accelerated the rate of reported and confirmed cases. Cumulative cases are also not calculated for how many patients have recovered or for delays in reporting cases and differences in reporting methods.

Researchers continue to say that even incomplete data is crucial to current efforts to “flatten the curve” for the spread of the pandemic – from the steep rise in the initial phases to a more gradual increase as efforts to contain the outbreak come into force. —John Schoen

07:00: Here’s what’s in the US $ 2 trillion stimulus bill

The Senate approved an outstanding stimulus proposal, which is estimated to cost $ 2 trillion, as Congress seeks to reduce the pandemic’s human and financial toll. The House passed the legislation on Wednesday evening when workers face widespread redundancies, hospitals and states starving for resources and companies small and large worry about their survival. The house aims to pass it by Friday. The bill is designed to offer relief to individuals, the healthcare system and even an entire corporate sector that was ravaged by the outbreak. Here’s what’s in it. —Jacob Pramuk

6:57 pm: Spain reports over 8,000 new cases as death rate increases

In this dividend from the Comunidad de Madrid, healthcare professionals are preparing to receive the first patients with coronavirus at the Ifema exhibition complex on March 22, 2020 in Madrid, Spain.

Community of Madrid | Getty Images

The number of confirmed coronavirus cases in Spain has increased by 8,578 over the past 24 hours, the country’s Ministry of Health announced. It takes the total number of cases in Spain to 56 188.

The death toll in Spain rose to 4,089 on Thursday, up from 3,434 the day before. Spain’s death toll has surpassed China’s, where the official death toll is 3,291. —Holly Ellyatt

5:59 pm: Iran initiates intercity travel ban

Iran has launched a ban on intercity, said an Iranian official at a television news conference, Reuters reported. The ban comes a day after Iran’s spokesman said the country could face an increase in COVID-19 cases. Officials have been critical of Iranians who have ignored the appeal to stay home and cancel the travel plans for the Persian New Year holidays that began on March 20. Iran has registered 27,017 confirmed cases of the virus and reported more than 2,000 deaths, according to Johns Hopkins University. —Holly Ellyatt

5.40pm: UK retail sales could not grow in February

A lady shopkeeper with a striped bag outside the window of the fashion brand Superdry, April 18, 2017, in London, England.

Richard Baker | In pictures via Getty Images

UK retail sales failed to grow at all in February, marking their weakest results since 2013, official figures show. Compared to the same month the year before, retail sales in the UK for February 2020 remained flat; the lowest year-on-year growth rate since March 2013, said the Office for National Statistics. The insufficient data reflects poor sales even before most retailers were forced to close due to the shutdown due to coronavirus. —Holly Ellyatt

5.30pm: US envoy blames China for endangering the world with coronavirus

The US ambassador to London said China had put the world at risk by suppressing information about the coronavirus outbreak.

“First, it tried to suppress the news,” Ambassador Woody Johnson wrote in an article for the British newspaper The Times. “Had China done the right things at the right time, more of its own population and the rest of the world could have been spared the most serious effects of this disease,” the ambassador said. —Holly Ellyatt

4.30pm: European equities fall ahead of upcoming US job listings

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