This call if they are interested is a very good book called firefighting summary of the crisis and one called First Responders which is gets in deeply to the individual program. I recommend everyone have a look at it. Over the next couple weeks. Been among other things is a distinguished economic historian, wellsuited to put this horrible event we are experiencing now in context for us. To give us a sense today of what will determine how deep this recession will be, perhaps how long it will last, how effective the fiscal and Monetary Policy response has been and perhaps whats likely to come and whether the covid19 recession will leave longlasting scars on the u. S. And the global economy. I will turn this over to ben for his remarks after which david wessel will pose questions and i think after that there will be instructions on how the audience members can ask their own questions. Then come over to you, thank you for doing this. Thank you glenn, thank you everyone for joining us this
I wonder if you could go back to that and mention why it is a scenario rather than a forecast, is not really a worstcase or how much of a worstcase is it. And if we are really looking to learn and to manage these scenarios, do we not need to be more robust about saying what the worst case actually is . First, the question of a scenario versus a forecast, the , the point applies to both committees. Forecastw, one makes a when one can take a view of the probability distribution of district outcomes around that forecast. Forecastmal to make a and say this is our best collective judgment, and then to publish a range of outcomes around that, and then for the financial policy committee, to look at the less likely outcomes , whereas the Monetary Policy except the central one. I think the judgment of both committees was that this pandemic, the weight is playing to the World Economy and the u. K. Economy, and the Public Health measures to contain it through time and the chance of a second or th
Announced, but the big story is surrounding big tech earnings like microsoft, facebook, and even comcast and qualcomm. It look like some of these companies were basically created for this moment if you didnt know, the microsoft quarter was just a thing of beauty a lot of that is because theyll have a product like teams or like azure that are incredibly strong linkedin doing very well facebook quarter was good, and boom, they say april is stabilization. One of the themes were seeing in tech, or you have service now, well have Bill Mcdermott later today. They have an unbelievable quarter. Maybe the best in the history of the company. So youre seeing companies that frankly not only do not have to make any excuses but are saying good things. You know, qualcomm, ill say, secular trend, 5g, and then highspeed internet is one of the most lucrative parts of comcast. Yes, of course, theme parks not going to happen, but theyll open up again. But high speed, it will never go back you dont switch
All of that leading to a stronger dollar and weaker commodities like oil. Under armour out with earnings as well. Lets get right to it. Their adjusted loss coming in 0. 34 a share, almost double what we had been expected. Net revenue for the First Quarter coming in at 930 million. That also came in light. They see a significant decline in revenue since midmarch, so no surprise there. Marriott coming out with their numbers as well. As you can tell, it is going to be bad. Marriott international looks at first court or revenue coming in of 4. 68 billion, a decline 6. 6 year on year. A really ugly number. They say they had liquidity about 4. 3 billion as of may 8, so obviously sustainability and solvency these kind of companies , especially hospitality, as well as airlines, really front and center. All of this really winds up depending on when the world can reopen. Lets get to all of our market movie news from new york. In london, u. K. Promised her Boris Johnson announced the first carefu
Unemployment numbers show 3 million more americans filed for unemployment claims pushing the number of jobless claims in america to more than 33 million during the coronavirus pandemic. Today Neiman Marcus became the latest Big Name Company to feel the impact financially from this pandemic the retail giant announced that it has now filed for chapter 11 bankruptcy. More than 4 million californians have filed for unemployment during the 7 week crisis. Perry leaders say weve still got to hit rock bottom. We see Companies Making really tough decisions to lay off workers left and everybody and neiman making really tough decisions to keep their companies afloat any that that represents is that we are not at the bottom yet you cannot people need to prepare for this to get worse. The chamber of commerce also says restarting Construction Projects was a critical step in getting people back to work in helping the economy and now theyre encouraging city leaders to do more for Small Businesses incl