Those that were hit hardest early by the pandemic continue to hire back and the Unemployment Rate has declined to ten. 2 percent but we have a long way to go despite the solid job gains last month the past three months we are still down about 13 million jobs we still have not recovered about half the jobs lost. Ten. 2 percent unemployment is pretty tough. Just for context to go back to the financial crisis ten years ago the highest Unemployment Rate was 10 percent on the nose and that was for one month. We have a long way to go. Then to point out what makes me nervous is the rate of improvement have slowed the june job number four. 8 million jobs added. The rate of employment is flowing and that it will take a long time to get back what we lost in march and april. Host do think that rate of improvement to the numbers we are seeing do not show theme effect of the states have to shut down again . Yes. It was reflected in part because its we saw these gains and then the re intensification
First time since the lockdown in march. Michael mckee joins me now. What was your biggest take away . Michael if you are going to manage the virus better than the United States and their economies are opening up faster and stronger, which seems to be the case looking at the pmis. We got manufacturing and we got services, and all the Major Economies in europe are in an expansion. The move in italy particularly notable, above 50. Some down from preliminary expert, estimates, what they are the composites tell the story, all above 50 and they have all grown. The highest level in two years for the eurozone composite, there is some strength in the economy. They have not been hit as hard with the second round as the u. S. Has. Has moveds well solidly into expansion territory. Compare that to june, where contraction was the rule but services and the composite above 50, 57, a strong number. U. S. Versus isms, who is winning . Michael europe is winning. It is not expanding as fast as it appears.
Second week in a row that its starting out just in the right way. Yeah. I think theres people who just feel that this great shutdown is over obviously its worldwide the spending will begin again. I keep hearing that theres a surprising number of survivors that its not as bad as we thought. With the exception of some mortgages and some credit card, the forbearance wont really reverberate through the system reverberates to the banks. I know theres people who want to try to get the banks going. I say stick with whats working. I know its boring i know people want to rotate its something that Portfolio Managers love to do. I dont like to rotate into any stocks that have numbers cut thats really important. Im looking at david faber, who looks, of course, fabulous im thinking about him because its the credit markets we have to worry about, not the stocks they look great. Whats your concern in the credit market specifically, jim . Like hertz. Its not like theyre nothing. Hertz owns a lot of ca
To work after 7 weeks. There is a real risk that you will trigger an alfred you may not be able to control the earth scientists leading the Coronavirus Response warns against 50 restrictions too soon despite President Trumps push to restart the economy. So that a deal hope to pave the way for peace in afghanistan is under threat after 45 people were killed in 2 attacks on tuesday the president has ordered the military to resume offensive operations against the taliban and other armed groups the taliban denies carrying out the attacks and its your prime as this report. In the Eastern Province of manga survivors of a suspected suicide bombing. A funeral struggled to contain a grief. And anger. Was when i think there was a problem although i know. My brother is male was standing next to me when i heard the bomb blast i saw several dead bodies on the ground and i was trying to call my brother but his phone was off after a few minutes of searching i found my brother among the dead. This att
Over. And we hit the road with one of the Contact Tracing teams helping south africa flaps in the cab of infection despite the risk to his own health. Announce on the all the sporting colluding Top Level School continues in north america with the ultimate fighting championship gearing up for the set at all 3 of just 8 days. Now the government of a city in northeast china is warning of a major new coronaVirus Outbreak 7 cases have been reported in gielen and the vice mayor says theres a huge risk it could spread further more than a dozen new cases have also been recorded in nearby should land city the clusters are raising fears of a 2nd wave of outbreaks in china but our correspondent katrina you now joins us live from beijing katrina it does seem that those fears of this potential 2nd wave were well founded just what do we know about whats going on in gita. Thats right well it could be no deal it is the biggest city in the Northeastern Province of g. L. And they have the same city the