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The bloomberg terminal. A grim milestone. One Million People have now tested positive for the coronavirus with more than 50,000 deaths worldwide. The Asian Development bank estimates the cost of the pandemic at 4. 1 trillion. We will get through this, you was Vice President mike pence tells bloomberg that the economy will rebound from mounting unemployment as the government ramps up virus testing. We are testing over 100,000 americans a day. We literally are tracking every single day the number of cases that are coming out, where they are coming out. Pullback, oil markets reassess President Trumps tweet on output cuts with brent and of uti giving up some of yesterdays gains. We will double big into that story. Just under an hour away from the start of cash equit ....
Color to, it is that the new york police department, the acclaimed nypd, has five deaths within the organization, not just police officers, but their staff as well. Really bringing home the seriousness of this in new york we are in the interregnum, francine, up to jobs day. Of wednesday,rts thursday, and friday will be extraordinary. Francine . Francine i have to say, we are going to spend a lot of time talking about those pmi numbers in china. They are nowhere near normal, but they are much better than they were a month ago. Lets get to first word news in new york city with viviana hurtado. Viviana we begin with the white house, and Congressional Democrats are preparing for a fourth economic stimulus. The proposals include aid for the travel industry and the Mortgage Markets. Says states and local governments will need more help. Over to japan, where the party the ....
A far better measure is the ten Million People who filed for jobless benefits in the last two weeks. Fed governor lockhart just told maria the jobless rate is already more like 10 . Clearly, we are in an employment crisis, and another report that comes up at 10 00 eastern will likely show the Services Sector in collapse. Thats a strong word to use but its accurate. Later this hour, we are going to talk to larry kudlow, the president s chief economic adviser. I will ask him how bad is it and he will spell it out. Look, with nearly 300 million americans under a stayathome order, the economy is shut down. Morgan stanley says that between now and june, the economy will shrink by 38 . That would be a depression, the likes of which we have not seen before. Travel, shut down. At the airport tsa checkpoints, they are processing two million fewer passengers every day. Thats down 93 f ....
Windows cracked open on the island of manhattan, the soft drone of sirens each and every moment of each day. Francine it is terrible. A lot of us have looked at china with our colleagues, and we are partners for many months, and italy. The pattern, we have been looking at curves and we are trying to flatten the curve by making people isolate, but the curve is similar from country to country with a laggard of one to two weeks. You can look back at the sirens and more resources needed for the heroes and nurses and doctors. Here,e have seen a lot and bloomberg graphics with a great chart out on the number of beds in the five boroughs of new york city. , learned a lot from that chart and from the new york times, great log charts showing the pandemic. All you need to know is new york state, not asas a a city, is on the wrong side of these different geographies affected by this pandemic. There were news in new york city, here is Viviana Hu ....
Deb. I want to talk very briefly about two or three things. First, the issue of testing and how that has changed the complexion of the approach we are going to be able to take. Testing was an issue, many questions of testing in this room for number of times. Now that we literally have hundreds and hundreds of thousands of testing out there, there are a few things we could do with that. One of the things is when we make policy of what we are going to be doing with the rest of the country, particularly those areas that are not hotspots, we need to know what the infection is there. We need to put a light on those dark spots that we dont know. We have to act policy wise on data. We are going to be getting more data, a lot more data. The other thing is the areas of the country that are not hotspots, that are not going through the terrible ordeal that new york and california and Washington State are going through, they still have a wi ....