all great ideas. to read more, check out this week's edition at barron's.com and don't forget to follow us on twitter. that's all for us. wear your masks, be healthy. we'll see you next week on ♪ >> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: and happy weekend, everyone. thank you so much for joining us. welcome welcome to the program that helps position you for the week ahead. i'm maria bartiromo. coming up this weekend, my one-on-one with the ceo and president of boeing, david calhoun is here on the future of aerospace and when travel will start to normalize. what it will take to get a recovery from the devastation wreaked by covid-19, this pandemic and the shutdown. then later, the transportation secretary, e lake chao -- elaine chao, talks about the department of transportation's efforts to get the economy up and running

as we see more states open this weekend, 25 states reopening. that is about 33% of the gdp. all of that coming up. but first, the coronavirus crisis wreaked havoc in april resulting in the worst jobs report since the end of world war ii. the u.s. economy lost more than 20 million jobs in the month of april with more than 33 million filing for unemployment benefits over the past seven weeks. the unemployment rate surging to a record high of 14.7%. joining me right now to discuss the brutal jobs report as well as how quickly this economy can recover is mohamed al-arian. thank you so much for joining us. >> thank you, maria. maria: you know what i find odd? we have these jobs numbers on the one hand which obviously show the results of this shutdown. and it's been self-imposed but, nonetheless, all these job losses. taunt, we've got a rally in -- at the same time we've got a rally in markets.

what's going on with this dichotomy? >> not only is a dichotomy, but it's fueling a lot of political rhetoric on main street versus wall street, companies versus people, the better off versus the vulnerable. the answer lies in what different people are looking at. so the labor market report captured a very tragic situation on the ground. record lost jobs, increases in unemployment that are going to get worse, and it's hitting particularly the most vulnerable if segments of the population. and you need only go to the food banks to realize how much pain and suffering's going on. and if you look forward, it is hard to see the numbers getting better anytime soon. in fact, the next two employment reports are going to be even worse in terms of the level of unemployment, and we're going to find out that even people who

maintained jobs are getting paid less and working fewer hours. now, on the other side the markets are looking through all this, and they're encouraged by three things. first, this week they got confirmation of partial if reopening -- partial reopening not just in the u.s., but around the world. second, they got a signal that china and the u.s. is talking again, so the clear political tension has come down in their minds. and, third, they got indication from central banks that these central banks willing to do more to support the markets. so markets are betting on something completely different from what's happening in the real economy for now. maria: so what about that? i mean, you're talking about more than $7 trillion in money being thrown at this economy. is that going to work? we're also talking about another relief package, mohamed, the cares act was $2.2 trillion. that was the third stimulus -- not really stimulus, it was the third relief package. we're talking about a fourth

release package. is this going to work to get us back to some kind of normalcy, and when might that be, in your view? >> so on the seven, that you mentioned, trillion with a t, which is an amazing number, three or four have gone straight into the marketplace or are destined to do so. so when it comes to financial assets, it works. because the money coming from the fed and also other central banks, but coming from the fed goes into the marketplace and then has an immediate impact on asset values. the other that is supposed to go to the real economy is a lot more challenging. the intention is there. there's no doubt about the willingness of governments to do all it takes. the problem is the pipes are not good enough. so it takes time for the money to get there, and it cannot compensate for all the losses. as to what next, maria, i keep on stressing let's not repeat the mistake of 2008. in 2008 we were threatened by a

global depression like we are today. we won the war against that depression, but we did not secure the peace. we did not come out with high and inclusive growth. this time around we have to secure the peace as well as win the war. and that means the next stimulus package -- which will come -- has to aggressively counter what will be enormous pressure on productivity and on growth. otherwise we're going to end up with a so-called new normal 2.0 which is even lower growth, even more inequality and an even greater entanglement of the public if sector into the private sector. and that's not a good outcome for anybody. maria: well, we're going to talk with the ceo of boeing coming up in the program and, you know, they were riding high. they were looking at a commercial aerospace situation a year ago that was on tour. people were traveling, money was moving. now they had to raise $25

billion in a bond deal, and international travel's not coming back anytime soon. how significant a snapback or a recovery are you expecting? the president has said we'll get growth in the third and fourth quarters, but 2021 will be a real strong year. do you buy into that? >> so i buy that 2021 will be a much better year. what i'm not sure about is how this year will evolve. and let me explain why. first, we have the health issue. we are going to have to live with the virus this year. we're not going to be able to eradicate it through a vaccine or through community immunity. that's going to take time. and neither can we lockdown the economy for the whole of the year. we can't do that because then livelihoods get destroyed. so we're going to have to learn to live with the virus. that is going to be a stop and go process. it's not going to be smooth. because it's not going to be smooth, we don't know how consumers are going to behave. we don't know how quickly people will go back and reengage fully.

and then we don't know what business is going to do yet. maria: mohamed, thanks very much. we certainly will be in touch as this develops further. thank you, mohamed, have a good weekend. don't go anywhere, my one-on-one with boeing's ceo david calhoun is coming up. stay with us. ♪ ♪ we love the new apartment. the natural light is amazing. hardwood floors. there is a bit of a clogging problem. (clog dancing) at least geico makes it easy to bundle our renters and car insurance. yeah, helping us save us even more... for bundling made easy, go to geico.com there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these.

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♪ ♪ maria: welcome back. now air travel dropping 96% as a result of the pandemic and the shutdown. we have breaking news this weekend, the president and ceo of boeing tells me that he is expecting travel will not come back to 2019 levels until three years from now. here's my exclusive with dave calhoun. >> i think most of them are trying to dial in a return of about 30-50% by the end of this year. there's a wide variation in that.

a lot's going to depend on how the public responds to, you know, the safety of the airline -- of airplane cabins, etc. but i think they are reasonably confident they can begin to approach sort of half the schedule they had before. with respect to longer term and the need for airplanes, we have chosen a course that for three years we will slowly crawl back to the traffic levels that we had in 2019, and then it'll take another two years to get back on the growth curve that the, of course, the industry's enjoyed for almost two straight decades. maria: yeah. i mean, nobody is expecting air traffic to recover anytime soon, dave. so, i mean, when you look at the 2019 levels, is it fair to say you're not getting back there in terms of the 2019 levels until, you know, 2023, 2024 at the earliest? >> yeah, i think we -- we believe it'll take a full three years. the one wildcard, of course, is

if a vaccine is developed and widely distributed sometime between now and then, everything might change a bit, and it might come back in a much more robust way. no one can predict that, and it would be foolish for us to predict that, so this is a course we believe is right to plan for. maria: well, you came in here as ceo and you've got a plan for a lot. you came in trying to fix the culture after the 737 max disaster. you came into a disaster. i want to ask you really about the broader impact over the long term, dave, because you come in, you haven't delivered a max jet in other a year. you've -- in over a jet. you've got so many sitting on the runway. going into this pandemic you were flat-footed, and your competitors are getting stronger. you see air bus and what they're doing, you've got this major plane if, the 737 max, that you

need to deal with. and yet your competitors are preparing for when you get out of this. so are you worried -- how worried are you that you're going to be losing a lot of market share throughout this shutdown? when all is said and done, you could lose market share big with airbus making smaller planes and continuing to deliver those, and you've got the long haul, what you're good at, you're not going to see the need for those big twin-engine planes going international for some time. so going into this you were flat-footed. >> you know, i -- there is no question that the max problem, the accidents set us back and set us back for roughly two years if you think about it. but remember, during those two years we produced a lot of airplanes. so with respect to market share, those airplanes will find their way into the market, and there will be a catch-up associated with that. so we will not have given it up over a long period of time.

my confidence in the mack, my confidence in the -- in the max, my confidence in the airplane itself and the safety of the airplane is significant. i have always believed in the max, i still believe in it. the certification process that we have been going through with the faa, it has been constructive, it has been thorough -- maria: let me ask you about this huge bond deal and how you're going to use the money, dave. $25 billion in the market. now, i know that you bought a lot of stock back in the last year, you pay a big dividend in an industry that is quite cyclical. yes, you've got this huge, successful bond deal that you did, but do you need to rethink that dividend at this point, where it is even told? and do you need to think back, rethink all of the buybacks that you've been doing? >> well, i think probably, as you know, we have suspended the dividend and will continue to suspend it. we'll prioritize the payback of

our debt bet instruments over anything with respect to return to shareholders. until we get back to the same kind of balance sheet we had before the virus and before the max. and then when we get to that level, we will reconsider and think about how we return money to shareholders and reestablishing our dividend. and the authorization with respect to buybacks, of course, we went through, and there'll be no consideration for buybacks until we're significantly paying down our debt. maria: my thanks to david calhoun, president and ceo of boeing. don't go anywhere, my one-on-one with the transportation at fisher investments, we do things differently and other money managers don't understand why.

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♪ ♪ maria: welcome back. as america starts to reopen across the country, the question remains how quickly some industries of the economy will actually recover. the airline industry the, for one, among the most devastated with some experts predicting it will be 2022 before the industry fully recovers from this pandemic. traffic down 96%. joining me right now to discuss the recovery and the transportation industry is transportation secretary elaine chao. madam secretary, it's great to have you this weekend. thanks very much for joining us. >> thanks so much for having me. maria: tell me what you have been doing, your role in terms of getting america back to work and insuring that our transportation vehicles work properly during the shutdown. >> the number one priority for the u.s. department of transportation is to keep the national transportation system moving. and also to address the safety and well-being of passengers and

the work force that work in this sector. so so we've been able to keep the national air space open, albeit at a lower passenger volume and airline volume, but the national air space is operational throughout this period. we also have made sure that the supply chain remains robust and strong, and this is where we need to give a big shout-out to the new american heroes, and that's the truckers. they have made sure that our store shelves are stocked with necessary if items, food and others, for example. and also they've insured that medical supplies and equipment get to where they need to be. our transportation system is also very important, obviously, for essential personnel. so our transit systems throughout the whole country have remained open. and also our airline industry has flown from shore to shore to insure that the people who need to fly, indeed, have that opportunity as well. so we have focused very much on

keeping america's transportation system operational and safe. and in addition, we have also paid attention to regulatory relief. and i can talk more about that. maria: yeah. tell me about the regulatory relief, secretary, because this is a time when you don't want the bottlenecks, you don't want lots of bureaucracy in the way of getting something done given the challenges that so many businesses and individuals are facing. >> well, for example, a lot of state dmvs are closed. and so truckers may not be able to get their licenses renewed or if there is a new, you know, driver who has a learner's permit, they can't get it extended. so we have kept safety is always number one, of course. but we have also given temporary waivers on renewals for licenses. so on march 24th we gave a temporary waiver until june 30th

for people who need to renew their licenses -- maria: and i guess you've had to see costs rise as a result of extra cleaning and sanitizing our transportation system. tell me about that. but what i really want to get your take on, secretary, is how the transportation sector will look different when we get out of this. are you now in conversations about retrofitting and differences that we may see in public services as a result of all of these new guidelines that we've been following? and we will probably follow way after the economy opens. >> so the federal government in a whole-of-government response has very quickly distributed about $75 billion to the transportation industry. included in all this federal funding are also funds for cleaning. so we are hoping and asking that companies and organizations ramp up their cleaning protocol and

increase the frequency of their cleanings to make sure that their facilities, the trains, the rail cars, the airplanes are, indeed, sanitized much more often than before. the airlines are very cognizant of passengers' concerns, and they're doing everything they can to convey a sense of reassurance to those who fly. that's why recently they have required people, passengers and crew, to wear masks onboard these flights. the airlines are spacing people out. they are leaving the middle seat vacant. right now the load factor, the passenger volume is still quite low, so there's actually opportunities for social distancing on some of these flights as well. maria: what to you make of -- what do you make of some of these airlines saying you're going to have to pay for that. frontier airlines said, look, if

you want the middle seat empty, you're going to have to pay extra. so, in other words, they're telling people you've got to pay if you don't want to get sick? >> the airlines are under tremendous financial pressures, and so they are thinking about how to survive. but having said that, while i understand the rationale, i would hope that they do their very,, very best to give a sense of safety and security to their passengers. it's in their own best interests. and they realize that. maria: secretary, let me ask you about infrastructure. we've talked about an infrastructure plan for a long time. now we've got this pandemic. who knows if we're actually going to see a stimulus bill or a relief package that includes infrastructure. tesla ceo elon musk this week said it's really quite sad that u.s. infrastructure, especially roads and highways, is where it ised today. he's criticizing it saying we have crumbling highways, bridges -- frankly, when i visit china, i see the infrastructure much better than ours.

even europe has better infrastructure. any chance of getting something done now given this pandemic? are you still having these conversations, secretary? >> well, the president would agree. he has always said that we need to address the infrastructure needs of our country. and he has been trying throughout this whole first term to get congressional consent and agreement on a new infrastructure bill. we have been in the discussions with the hill throughout this whole time, so this is an issue that precedes covid-19. having said that, there is reauthorization of the fast act. it's a highway bill, infrastructure bill that will be coming up for reauthorization sometime in september. that's another vehicle, another opportunity for us to discuss once again how do we pass an infrastructure bill. it has to be on a bipartisan basis. maria: secretary the, it's good to see you this weekend. thank you very much for joining us. >> thank you. maria: secretary elaine chao.

don't go anywhere, more "wall street" right after this. ♪ ♪ you wouldn't accept an incomplete job from anyone else. why accept it from your allergy pills? flonase sensimist. nothing stronger. nothing gentler. nothing lasts longer. flonase sensimist. 24 hour non-drowsy allergy relief

maria: well, have a great rest of the weekend, everybody. join me next weekend right here for another big show. every week at 9 p.m. eastern, friday nights, another edition of "wall street." plus i will see you sunday on fox news channel for "sunday morning futures" when i speak with white house adviser peter navarro. catch the show live, 10 a.m. eastern on sunday over on fox news. plus right here on fox business start smart every weekday, weekdays from 6-9 a.m. eastern for "mornings with maria" right

here on fox business as we set the tone for the day. that'll do it for us for now. thank you so much for being here. have a great rest of the weekend. and to all of you mothers out there, wishing you the very best mother's day. you are my hero. i'll see you again next time. ♪ ♪ gerry: hello and welcome to "wall street journal at large." the economic impact of the almost two-month-long lockdown of the united states because of the coronavirus outbreak came into much sharper focus on friday. that's when the labor department reported that 20 the.5 million americans -- 20.5 million americans lost their jobs last month, the most since the government began keeping records in 1939. the april unemployment rate soared to the highest since those statistics began being collected following world war ii. both the unemployment and job