Twoyear is now trading, but that doesnt seem to matter. The majority of debt in europe all undergoing this powerful rally, despite the fact that we are going to see horrific unemployment number in about an hour and a half. Lets get you out of the market moving news from our new york team. We want to start with the much awaited u. S. Jobs data out of april for the next hour. Economists now estimating 22 million jobs wiped out in the past month. Joining me now is carl riccadonna, bloomberg chief economist. It is hard to put these into perspective. Help me out. Morning. D these numbers point to immense disruption in the u. S. Economy, on a scale we really have not whichn recorded history, goes back to either world war ii or the great depression. ,o put some context around this this is far more than all of the job losses we saw during the Great Recession concentrated into a single month. If we take the job losses of the last nine recessions, lump them all together going back to the late 19
Last roughly 12 years or so. Relative to today, stocks are sharply higher. We have crude oil, another risk asset recovering at 21 a barrel. There are some folks thinking that the demand picture is improving, sending the Energy Sector to the top of the list, and that is also helping small cap up 3 from outperformance. A lot of the Energy Companies are on the smaller topside. Itfor the bonds and the fed, has been about the news of more issuance from the treasury. We have the yield curve again steepening, i think four out of the last five days, rising by about 11 bits this week. The is healthy, that is yield curve normalizing, something that the fed wants to see. If it continues to steepen, it will put volatility to the markets to the downside or the notways chop way, that is happening today. Keep an eye on the yield curve. We have the long end selling off in the two year call carving out a record low. David extraordinary, thank you. 20. 5 million jobs were eliminated in the United States
How hes been getting by in these challenging Economic Times and later in the hour well check in with Healthcare Workers on the frontlines of the covid19 fight to see if the situation here in new york has been improving. So all of that, is coming up. First though our top stories of the day fox Business Team coverage with blake burman following the latest news out of the white house. Lauren simonetti on the markets we begin though with Edward Lawrence live in washington. Edward . Reporter yeah, connell we all know that headline number 20. 5 Million People lost their jobs in april, the Unemployment Rate at 14. 7 , that is the highest recorded Unemployment Rate since 1948 when they were keeping track, and if you dig deeper into these numbers almost half the job losses are coming from Industries Directly related to consumer spending. Retail lost 2. 11 million jobs, leisure and hospitality lost 7. 65 million jobs, Stores Closed , cruise ships docked, hotels not taking reservations in april.
Fractional moves overnight in asia. And now the latest on the coronavirus this morning. 1 Million People have now become infected. The United States is representing nearly a quarter of the world cases and the cdc is expected to advice all of americans now to wear cloth masks in public to stop the spread of the virus. Vice president mike pence saying that the new guidelines are coming in the next few days, this on top of social distancing rules. The Coronavirus Task force keeping close eye on louisiana, michigan, indiana, georgia and illinois as next potential coronavirus hot spot. In louisiana 26 of all tests are coming back positive. Connecticut being watched closely this morning. Covid19 fears growing abroad stranded crew ship. Princess cruise ship headed to florida today with several infected passengers, comes as a crew member dies on the celebrity infinity ship sitting off the coast of st. Petersburg this morning. Cruises finally dock at port everglades. Passengers will remain on b
Exciting growth again. The question is when and in the meantime were going to shore up that Balance Sheet and make sure weve got that cash to make sure we can pounce on the end of it one of the things were thinking about is, who do you want to be when you come out of this. All of us are thinking about that so, you know, weve got still a strong recruiting team in place, a team who is interviewing people every day so that on the other end of this, all the superstars who are out there can come work at shake shack we dont know when that day is, but we know its coming. And when it is, we want to be there, ready to allocate that capital that we have to get back to growth as soon as we can. Randy, thank you so much for joining us thanks, everybody. Keep us posted. Ceo of shake shack. Sara, that was a good interview. Well see you on closing bell this afternoon good morning, im carl quintanilla. Welcome to squawk alley joined by Morgan Brennan and jon fortt. Dow is well off the lows of minus 32