Friday, May 8, 2020

5:09 pm ET: NYC Subway Shutdowns May Mean End of the Line for the Homeless

On a typical night, subway trains pull into Stillwell Terminal in Coney Island, Brooklyn, take a short break to reset, and then head off in the opposite direction to resume their journeys.
But these days starting around midnight, the last stop is the final stop until morning. For individuals using the train to get to and from work, it marks a slight inconvenience where they'll have to switch to city-provided private transportation or transfer to buses.
For many homeless people, it's leaving them with nowhere to go especially as coronavirus infections spread throughout shelters. "All of a sudden they're saying there's no train going back," subway rider Khalid Greens said. "What are you going to do? There's no train to go back. You're stuck." Read more...
— Michelle Castillo

2:45 pm ET: Around the World in 90 Seconds

Japan announced it will coordinate with the U.S. on developing a vaccine and Argentinians protest lockdown measures. Here are your international coronavirus headlines.
— Megan Pratz

2:27 pm ET: Why Wall Street Makes Record Gains While Employment Hits Record Lows

As the U.S. economy shed 20.5 million jobs and reached 14.7 percent unemployment in April, the stock market nonetheless saw record gains.
What one has to do with the other is complicated, but that hasn't stopped the financial press from comparing jobs and stocks on a near-weekly basis. Read more...
— Alex Vuocolo
In this Wednesday, May 6, 2020, photo, signs point to a drive-thru job fair in Omaha, Neb. (AP Photo/Nati Harnik) 

10:20 am ET: Stocks, Yields Rise as Dire Job Losses Fall Shy of Forecasts

As bad as the April jobs report was, it wasn’t quite as bad as analysts were expecting, which sent stocks and bond yields rising early Friday. The government reported that the unemployment rate spiked to 14.7% last month as job losses swept the country because of lockdowns to combat the coronavirus. That’s the highest since the Great Depression, but economists were bracing for an even worse reading of 16%, according to FactSet. The S&P 500 rose 1%, and the yield on the 10-year Treasury rose to 0.66%. Investors are also embracing hopeful signals that the U.S. and China won’t renew their trade war. Read more...
— The Associated Press

9:00 am ET: April Jobs Report: Jobless Rate Highest Since Great Depression

The U.S. unemployment rate hit 14.7% in April, the highest rate since the Great Depression, as 20.5 million jobs vanished in the worst monthly loss on record. The figures are stark evidence of the damage the coronavirus has done to a now-shattered economy.
The losses reflect what has become a severe recession caused by sudden business shutdowns in nearly every industry. Nearly all the job growth achieved during the 11-year recovery from the Great Recession has now been lost in one month.
The collapse of the job market has occurred with stunning speed. As recently as February, the unemployment rate was a five-decade low of 3.5%, and employers had added jobs for a record 113 months. In March, the unemployment rate was just 4.4%
The government’s report Friday noted that many people who lost jobs in April but didn’t look for another one weren’t even counted in the unemployment rate. The impact of those losses was reflected in the drop in the proportion of working-age Americans who have jobs: Just 51.3%, the lowest on record.
In addition to the millions of newly unemployed, 5.1 million others had their hours reduced in April. Read more...
— The Associated Press
In this May 6, 2020 photo, a chain lock is shown on the entry doors to Zane + Wylie's Seattle Steakhouse restaurant in downtown Seattle. (AP Photo/Ted S. Warren)

8:10 am ET: Historic Jobs Report, Freezing Mother's Day & V-E Day at 75

COVID-19: LATEST DEVELOPMENTS: The White House is ramping up coronavirus testing for those who come in contact with President Trump after his personal valet tested positive. The president and his staff will now get tested every day. Meanwhile, the Trump administration has shelved a detailed list of guidelines from the CDC meant to help different businesses and public services figure out how to safely reopen. White House officials reportedly blocked the 17-page report over concerns the recommendations were too broad, infringed on religious liberty, and could further harm the economy. AP
GEORGIA SHOOTING ARRESTS: The white father and son who shot and killed Ahmaud Arbery, a black jogger, have been arrested. Gregory and Travis McMichael are being held in Georgia on charges of murder and aggravated assault. The arrests came two days after a graphic video of the incident was released that sparked nationwide outrage and more than two months after Arbery was killed. Today would have been Arbery’s 26th birthday. AJC
FLYNN CASE DROPPED: The Justice Dept. is dropping the case against Michael Flynn, President Trump’s first national security adviser who pleaded guilty to lying to the FBI as part of the Russia investigation. Flynn had been trying to withdraw that plea and fight the case in court and there were rumors that President Trump would pardon him. The DOJ’s decision to drop the case entirely came after the attorney general ordered an internal review of the evidence. NPR
BIDEN ASSAULT ALLEGATION: Court documents from 1996 obtained by a local paper in central California show that Tara Reade, who has accused Joe Biden of sexually assaulting her in 1993, told her ex-husband about “a problem she was having at work regarding sexual harassment” in Biden’s office. It's the first public record that shows she made an allegation of impropriety around the time of the alleged incident. In an interview with Megyn Kelly, Reade said she believes Biden should drop out of the presidential race. SAN LUIS OBISPO TRIBUNE
MOTHER'S DAY ARCTIC BLAST: Depending on where you live in the country, the weather this Mother’s Day weekend is going to be weird. A polar vortex — extremely rare for May — is swinging down from Canada, bringing frigid temps to the East and even the chance of some snow for New England and upstate New York. In the West, temperatures are running 15 degrees above average from southern California to Texas. WASH POST
APRIL JOBS REPORT: Another 3.2 million Americans filed for unemployment last week, bringing the total to more than 33 million jobs lost in the last two months. This morning, the April jobs report will be released and will show the biggest monthly decline in history. The unemployment rate is predicted to shoot up to 16 percent. It was 3.5 percent in February. YAHOO FINANCE
NEIMAN MARCUS BANKRUPTCY: As expected, Neiman Marcus has filed for bankruptcy protection — the second major retailer this week to go belly up and the first department store chain. The company says it is not liquidating and will restructure under Chapter 11 with a plan to reopen stores. BLOOMBERG
LISTENING TOGETHER: Spotify has begun rolling out its “Listening Together” project, a global map that shows when two random users are listening to the same song at the same time. Spotify says every second 30,000 people press play on the same song, and the project aims to visualize that incredible statistic. Eventually, users could be able to see if someone else is playing the same song they are. BILLBOARD
SPOTTED...Elon Musk on the Joe Rogan podcast, explaining how to pronounce his son’s name: WATCH
LEFTOVERS: V-E DAY AT 75: On this day 75 years ago, the Nazis surrendered to the Allies, ending WWII in Europe. President Truman took to the airwaves to announce the surrender, but warned Americans that the war was not yet over (the Allies were still fighting Japan). He said: “If I could give you a single watchword for the coming months, that word is work, work, and more work.” Words worth contemplating today. WATCH THE NEWSREEL