| Need to Know |
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| Economic Shock Continues |
Editor's note: We typically run three top stories, but have focused Fridays on the ongoing COVID-19 crisis. Below is our summary of the key events.
More than 4.4 million Americans made initial unemployment claims last week, bringing the total number of newly unemployed workers to more than 26 million over the past five weeks. At nearly 16% of the labor force, the figure lies in between the peaks of the 2008-09 recession (10%) and the Great Depression (25%) but squeezed into less than two months.
In absolute terms, California has borne the brunt of the economic shock, having shed more than 3.3 million jobs. States like Hawaii, Michigan, Pennsylvania, and Rhode Island have seen 20% or more of their workforce laid off. See a state-by-state breakdown here.
Meanwhile, the House passed a $484B stimulus bill. It's the fourth package aimed at blunting the economic impact of the coronavirus and pushes total support to more than $2.7T in the past two months. Provisions include $321B to refill a paycheck protection fund for small businesses, $60B in added small business loans, $75B for hospitals, and $25B for testing.
New York Gov. Andrew Cuomo (D) revealed surprising preliminary data suggesting that one-in-five residents have already had the virus. That figure implies a case count of 2.7 million, 10 times higher than current totals. The data suggest the virus is more widespread than previously thought, with a lower fatality rate of around 0.5%. A similar but less rigorous study in Los Angeles found similar results. The number of deaths in New York fell by about one-third this week versus last week.
Some states will begin the slow process of reopening their economies this weekend and next week. Georgia has courted controversy with a decision to allow a number of businesses to reopen starting today. President Trump, who has encouraged states to reopen, said he disagreed with Gov. Brian Kemp's (R) decision. Other states are extending their stay-at-home orders, including Illinois, who pushed modified restrictions to May 31.
Data on remdesivir, one of the farthest along vaccine candidates, showed no promise in COVID-19 patients. The results of the long-awaited clinical trial in China were accidentally posted to the World Health Organization's website and were seen before being removed.
The US has reported nearly 870,000 cases, with 50,000 deaths, as of this morning (see stats).
What's up with testing? We've posted a look at why it has been so difficult to ramp up testing to our coronavirus resource page. From an explanation of how the immune system works to state-by-state data on the pandemic, you can find dozens of expert-curated resources - check it out here. |
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| In the Know |
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| Sports, Entertainment, & Culture |
| > Former LSU quarterback Joe Burrow selected by the Cincinnati Bengals with the No. 1 pick in NFL Draft; see full first-round picks and analysis (More) |
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| > Rapper Fred the Godson dies at 35 from the coronavirus (More) | “Feeding America Comedy Festival” COVID-19 fundraiser (8pm ET, May 9) adds Eddie Murphy, Adam Sandler to a lineup that also includes Chris Rock, Kevin Hart, and Billy Crystal (More) |
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| > Taylor Swift calls her former label “tasteless” for releasing a live album without her permission last night (More) | The Rolling Stones release first new song in eight years; watch video for “Living In A Ghost Town” (More) |
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| Science & Technology |
| > The specific cells targeted by the coronavirus identified by researchers; cells in the nose, lungs, and intestines express large amounts of proteins that interact with the virus's "spikes" (More) | What the coronavirus looks like (More) |
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| > An estimated 25% of the Earth's insects have disappeared over the past three decades; new study points to loss of habitat from agriculture, urbanization as culprit (More) |
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| > First frog fossil from Antarctica discovered by researchers; 40-million-year-old specimen gives insight into when the continent began to ice over (More) |
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| Business & Markets |
| > Videoconferencing platform Zoom passes 300 million users, up another 50% in past three weeks; company had 10 million users in December 2019 (More) |
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| > Mortgage rates increase as banks impose more stringent standards on who can receive loans (More) |
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| > European food delivery giants JustEat and Takeaway merge, raise more than $750M in new funding (More) |
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| Politics & World Affairs |
| > Senator Elizabeth Warren's (D-MA) oldest brother, Don Reed, dies at age 86 from the coronavirus (More) |
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| > Pakistan exempts religious services from coronavirus lockdown as Ramadan begins, prompting health concerns over the virus's spread (More) |
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| > Two former Syrian intelligence officials go on trial in Germany, facing charges of torture during the country's civil war; trial is the first for war crimes arising from Syria's nine-year civil war (More) |
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| Weekend Reads |
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| Rethinking the Rush to Ventilate |
| Reuters | Staff. As doctors learn more about how the coronavirus affects the body, some on the front lines are rethinking when and how to use ventilators - or whether to use them at all. (Read) |
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Podcast
Who Gets the Ventilator? |
| Freakonomics | Stephen Dubner. Sticking with the theme, hear a doctor, bioethicist, and economist discuss the life-or-death decisions involved in prioritizing patients. (Listen) |
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| The Lawyer Whose Clients Didn't Exist |
| Atlantic | Francesca Mari. A high-powered lawyer netted $2B from BP for seafood industry workers affected by the 2010 Deepwater Horizon disaster. The only problem? Almost none of the clients existed. (Read, $$) |
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| The Great Civil War Score |
| Boston Globe | David Thomson. The story of how Jubilee Jim Fisk schemed his way to wealth by knowing the outcome of the Civil War before anyone else. (Read, $$) |
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"Doubt can motivate you, so don't be afraid of it."
- Barbra Streisand |
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