numbers out of edp today show showte -- out of adp today private payrolls shrank 20 million from a monther. this follows jobless data over the past month. hopes for a quick recovery begin to fade as temporary layoffs turn permanent. want to welcome erica groshen former commissioner of u.s. bureau of labor statistics, bls. vicelso observed as president in the research and statistics group in the new york fed and is currently a faculty member at columbia university pool of industrial and labor relations. thanks are taking the time to join us. on's start with your view the labor market. you have taken a close look at what tends to happen in downturns, when companies lay off workers. they can choose to do so want to temporary or permanent basis. what happens historically when companies choose to lay off people on a temporary basis? workerso historically, on temporary layoff do tend to be recalled by the same company thoseaid them off, and early, innd to happen the beginning parts of recoveries, and very rapidly. so recessions that have high proportions of temporary layoffs show faster reboun

we talked yesterday about that shocking edp number, the 20 million. today our focus is going to be on first-time jobless claims. it's thursday and we will get that number. if we are going to be positive about this number, it will be likely it's less than it has been in weeks past, showing that perhaps the worst layoffs are behind us. that said travel adviser -- or trip adviser laid off 900 employees. palo altos tells a business journal it let a number of employees go. until now, most layoffs have been not really in pure tech, but in things like rideshare and travel services. and president trump's coronavirus task force will talk about reopening the country. tesla is back in the news. there's talk about opening up the factory before the rules permit tesla to do so. this is according to "the chronicle," which quoted an anonymous source that nbc has not been able to confirm. we have spoken to local law enforcement that ensured us tesla will make no time before its time. the first paycheck protection loans are now a few weeks old. remember, they are only

doing some edp. interesting moves. liquidity bytheir tapping a deal with the u.k. government.ything that looks like a cash handout. up 11%.ck is they beat a sales goal. let's talk about geopolitical tension and where that leaves us. taiwan semiconductor has stopped accepting new orders from huawei. the move comes after the trump them ofration accused supplying the tech company. the trump team has stepped up its finger-pointing campaign. a white house trade advisor suggested that china sent airline passengers to spread covid-19. we watched this war of words between china and the u.s.. we are coming up against a u.s. election in november. we try to quantify the risk. we have set up a trade monitor. a spectrum of no risk being priced in the market and the market being extremely worried, there is optimism. is pricing in berks, but it is not pricing in bite. when push comes to shove, they are really caring about financial conditions. they are not trying to hurt the u.s. economy. say thatt is fair to those risks are not being priced. china happens to be one market where it has outpe