. >>> the commerce department said the gdp dropped 4.8% in the 1st quarter . warning that the next quarter southern california bring dire consequences and send the economy into a recessions. talking to a economist about what's needed to help. >> the fed chair said this is the worst he's seen and expects interest rates at or floor zero percent. there needs to be more federal aid to help the american people and the economy get out of the recession. >> jim can see and feel the economic recession and the view is grim that this is a scary time. i have a little bit of money but it's a downpour out there. >> may and june graduation photos, father day portraits and wedding season is dried up. >> i'm losing $70,000 in business. >> the gdp only includes two weeks of the shut down. the 2nd quarter numbers are expected to be worse. >> next week's job report is expected to see the unemployment rate to be in double digits. >> it been service workers. >> justy is an economist professor. he says to get out of the recession is u.s. will need a rebound. >> the things we need ar

-- some of you heard from before, the department of employment and workforce as well as the commerce department as well as the department of mental health. isknow the isolation fostered by these orders and the pandemic are going to exacerbate existing problems and create more. again, i repeat that we are going to have more and more people that are out of work for various reasons. we are working around the clock to see that all of the resources ,vailable to soften the blow that economic blow and protect those families, protect those jobs, and get people back to work when the time comes are being taken. we are taking measured, deliberate steps. kevin you have seen here so far has been part of a plan that is working and expanding and there will be more steps taken in the future. are there any questions from anyone? yes ma'am. said you your office would question the constitutionality of a governor's ability to tell people to stay home. what do you think of that now, and how has your thinking on that evolved? gov. mcmaster: i think the same of the constitutionality of such orders that restrict the l

that is according to the commerce department. that is an estimate of the gross domestic product a secon round of funding for the patient protection program worth $320 billion will soon run out. as of tuesday, the fda approved more than 435,000 loans and more than $52 billion. >> the program has problems, there's no doubt about it. when it is all said and done after the second round, i think we will have saved or preserved up to 65 million jobs. that is close to 35 percent in all-america, that is a huge achievement. >> reporter: it is unclear if they can replenish the money. the senate will return to washington on monday but the house will not deal with health concerns. they wrote a letter saying negotiators are working on the second cares act, but it is not ready. minority whip responded, there's no reason to not be in washington. many republicans say it is too soon for another stimulus package. meanwhile senate democrats are proposing legislations to federalize the medical supply chain through the defense protection act. >> that

commerce department adding more restrictions on exports to china to prevent them from getting militarygy. the european indices moving fractionally today. in asia overnight, slight gains there and it was fractional moves. japan is closed overnight for a holiday as you can see there. and let's check oil prices. this morning they're bouncing after u.s. stockpiles rose less than expected. hope is growing that demand will return as lockdowns ease up across the country. the price of oil is up 13% this morning. joining the conversation, dagen mcdowell, steve forbes and jackie deangeles. great to see everybody today. >> good to be with you. thank you. maria: some of the top stories that we are watching this morning include covid-19 cases in the united states now topping 1 million. as more states roll back restrictions this week. today, tennessee will allow retail stores to reopen at 50% capacity. wisconsin is allowing nonessential businesses to do curbside dropoff of goods. car washes will reopen and rentals for outdoor recreational equipment also ready to open. in california, governor newsom

it is something we are actively discussing with the commerce department in washington. reald hoped to have a launch last month, but the covid restrictions came in just before we could do that. so the two teams have been discussing whether or not we can do this. we hope to be able to decide something soon, and then we would be happy to talk more about that if it happens. ryan: it sounds like you are ready to go at your end, at least. amb. pierce: [laughter] in the it is particular covid context to show that the world trade system still functions. a bit of optimism, if you like, into the world economy. we as britons are still pursuing our free-trade deals with the eu. no reason why we can't also pursue one with the u.s. at the same time. as i said, i think that is not only practically its business confidence to keep working, it is a very good overall bind of confidence that the world economy will cover -- sign of confidence that the world economy will recover. ryan: i promised not to mention the b-word, so i won't do that. but it seems that britain is willing to play hard

-- commerce department started collecting the data. people did spend a lot of money to eat and drink before the united states economy shut down. record.se, that's a apparel sales go down 50%. people who usually buy new spring close going into lockdown. restaurants and bars down, manufacturing down 5.4%. that's a biggest drop since 1946, the end of world war ii. jan that, let's look at april. manufacturing in new york state and homebuilder sentiment. down unthinkable amounts. sentiment at an eight year low. remember one more thing about retail sales, as bad as march was, stores were open for half of the month. april could be worse. the fed coming out with their beige book, it's seen as an early indicator. the same bleak economic story repeated. the belief that no sector was spared. kathleen: absolutely. the headline show the take away was that they found the economy contracting abruptly in the period for the six weeks through april 6. and expecting things to get even worse. march,the middle of state governor said you have to shelter-in-

standstill retail sales for march fell by 8.7 percent from the months earlier according to the commerce department the biggest month over month decline since they even started keeping those records in 1902 the federal reserve is reporting that industrial production fell by 5.4 percent in march the biggest drop since 1906 and manufacturing output lost 6.3 percent month over month the biggest drop since the end of the 2nd world war and while the hope is reopening economies worldwide will mitigate the economic impact of these lockdowns organizations like the i.m.f. and un and multiple others have said this is the worst economic crisis since the great depression so let's dive in with some expert analysis with tobin smith c.e.o. of transformative reach search and let's bring back to bus co-host christy i want to start with you over the last month you've been on this show sounding the alarm that this economic downturn is not due to the coronavirus is there any way that we can actually restart this economy and it's going to make up for these dismal metrics that i just laid out right there for you on the

commerce department wednesday while contraction was expected a survey of economists by dow jones had estimated g.d.p. would only fall by 3.5 percent for the quarter consumer spending dropped by 7.6 percent for the 1st quarter as not essential businesses across the nation have been closed due to the. coronavirus pandemic now exports fell by 8.7 percent imports to the us withered up by 15.3 percent now this was the 1st time u.s. g.d.p. went negative since the 1st quarter of 2014 and the biggest drop since the last recession in the united states this economic contraction as the longest period of economic expansion in u.s. history and despite concerning news when it comes to economic growth in the united states markets surged on wednesday meanwhile the u.s. federal reserve the federal open market committee wrapped up crucial meetings where they decided to keep interest rates near 0 fed chairman the virtual press conference following the meetings and had this to say. last month we quickly lowered our policy interest rate to near 0 we stated then and again today that we expect to maintain

the us commerce department is expected to report later that gross domestic product suffered a steep dropg by up to 4%. it will be the biggest decline in economic activity since the great recession over a decade ago. and there's much worse to come over the coming months, since the virus didn't begin to impact the us economy until late march. but president trump remains optimistic. it's going to come back very fast. now that our experts believe the worst days of the pandemic are behind us, americans are looking forward to the safe and rapid reopening of our country. on a trip to a medical centre in minnesota, mike pence thanked health workers and researchers for their efforts during the pandemic, but his visit was overshadowed by his decision to ignore the hospital's rules that all visitors should wear face masks. the vice president said he wasn't concerned about spending the virus because he'd tested negative several times for covid—19. peter bowes, bbc news, los angeles. our top story this lunchtime. borisjohnson and his fiancee carrie symonds announce the birth of a baby boy — both moth

and the commerce department -- usg karst department. we hoped devereaux lodge last month but the covid restrictions came in just before we could do that. the two teams have been discussing whether or not we can do this virtually. we hope to be able to decide something soon. did we would be happy to talk more about that if it happens. >> it sounds like you're ready to go at your end, at least. >> i think it is really good, particularly in the covid concert, dish of the world trading system still functions, to put a bit of optimism come if you like them into the world economy. we are still pursuing our free-trade deals with the e.u. no reason why we can't also pursue one with the u.s. at the same time. as i say, not only practically gives business confidence to keep working, i think it is a very good overall sign of competence the world economy will recover. the negotiations, promised not to mention the "b" word but it seems britain is willing to play hardball on the global scene in terms of interest with the e.u., setting independent cou

joining us now, former chief economist for ford and served for chief economist for the commerce departmenter the obama administration i was chating with a friend who owns a big car dealership here and he told me he sold five cars last weekend i thought, that's five more than i would have thought what is your estimate for car sales right now. hard to believe but people are still buying cars right now. >> it is amazing but still we are looking at an economy and industry that will really be under pressure here. sales that are well below the run rate we saw prior to the on set of this health crisis. so net, it will be tough you've got a lot of cash burned and challenges ahead for the industry >> if i go to any ford, dodge, gm, all i see is 84 month, zero percent financing, cash back as hard as these are, there are 130 plus million americans who are still working who if their car isn't working, they'll need to get a car in some ways, do you think we are overstating how bad it will be or will it be a year to forget >> no. the speed as this has collapsed has been tough to take one of the areas al

commerce department wednesday while contraction was expected a survey of economists by dow jones had estimated g.d.p. would only fall by 3.5 percent for the quarter consumer spending dropped by 7.6 percent.

and he asked hoover -- he basically gave hoover a choice and hoover picked the commerce department, which in those days was perhaps the least important part of the cabinet. of course hoover being hoover soon there were cartoons portraying hoover secretary of merse and he did rub a lot of feathers because he used -- well, he created something out of what was there, the federal radio commission. radio is regulated because hoover started it. and from the outset he was certain he did not want a bbc type arrangement. he wanted government to regulate the industry, but he didn't want government to run the industry. and all the repercussions ever since. the first airfield in washington was hoover, hoover field over where the pentagon is now. he took -- he wrote zoning regulations that could be adapted all over the country. he promoted the construction of nigh housing with standardized products. i mean, sounds kind of dull, but the fact is hoover was an engineer, he thought like an engineer, he ate like an engineer. in the white house it was famous no state dinner could last more than 60 minutes.

>> these have been guidances that we rolled out, we've done that, our commerce department has put out-- i've been meeting with the restaurant associations. we are not concerned about that. throwing away menus to separate the tables. >> martha: but it's totally up to them? >> yes. >> we hope everyone will be safe and it will work well. there is a statement by one of the governor's councils that suggested that if people decided they were actually getting more money staying home and their federal check of $600 plus unemployment so that they could be punished, those benefits could be taken away from them because they decided not to go back to work. is that true? is that what would happen? >> you have to first realize we have over 300,000 people apply for unemployment. we are working through all of the backlog and we want to get those checks out to folks that have lost their job through no fault of their own. unemployment is designed as a bridge between one job to the next. it doesn't go on forever and the state's plan was $500 per week for 26 weeks and the feds put $600 in there through t

welcome ellen hughes-cromwick, former chief economist at the ford motor company and also at the commerce department now she is a senior resident fellow at third way. great to have you with us. give us your general view about how complicated and difficult we can go about getting the economy going again. ellen: very complicated. as economists we are hanging on every word from health experts to understand what the path might look like. we have the three openings starting -- we have these reopening's starting and we are looking at data from the health community to make sure we understand what the potential pathway is. , we'veat the same time been told manufacturing may come back toward the early stage of the economy because there is a possibility of social distancing. you have some experience in manufacturing. what are the possible problems with the supply chain? the fact that you open a plant does not mean you have what you need to make things. you are absolutely right. it brings back a lot of memories about the global financial crisis and how difficult it is to restart and get a supply chain back up

according to the commerce department's monthly retail report. >> retail sales 8.47% in march, and wet's safe to assume that this month's numbers will be a lot worse. for some business that are already in decline, this might be the final blow. nieman marcus is expected to file for bankruptcy in the near future, and it probably won't be the only one. joining me now is nbc news senior business correspondent stephanie ruhle. you know, stephanie, there has been -- it feels like, and i'm just curious if this is the way you and the experts see it. if you were a fragile sector, say big box retail store, this will accelerate your problems. movie theater, things like that this isaccelerant. is that fair to say? >> absolutely. remember, the last couple of years as far as the stock market went, these businesses didn't have higher earnings. their p/e ratios were going up. they were riding with the market going higher and rates being so low. but you want to talk retail? you know this. the american shopping mall has been dying for years because of the amazon effect. well, now this is the amazon eff

. >> the commerce department revealed the economy shrink 4.8% in the first 3 months of the year whichs the worst gdp, the nation's output of goods and services, since 2009. >> the economy will need more support from all of us if the recovery is to be a robust one. >> the federal reserve is helping stabilize the economy by announcing that interest rates will stay steady at 0% to a quarter of a percent. there's pressure to pass a 4th package. >> when we do our bill, that really means honor our heroes. >> democrats want to focus on helping states fund the response but republicans say they do not want to give money with no strings attached that could be used to pay for unrelated problems. >> states and local governments have had financial problems before covid-19. >> but the governor of the hardest hit states says funding assistance is desperately needed as it shrinks revenue. >> states that have coronavirus are democratic states and he is a republican. >> senate majority leader mitch mcconnell says he wants liability protection for businesses so they cannot be sued for remaining open dur

product was down at an annual rate of 4.8% for the first 3 months of the year according to the commerce departmentthey are expecting even worse numbers for the 2nd quarter. the federal reserve signaled today that they plan to keep a key interest rate near 0 for the foreseeable future to try to help the economy. a rally on wall street as traders focused on the positive news of the effect of a drug remdesivir. the dow was up 532 points, and that's more than 3 1/2%. the s&p 500 was up 76 points. tech stocks were higher after google announced stronger-than- expected revenue. google shares were up nearly 9% today. >>> ucsf and stanford are planning to collaborate on studies involved in testing thousands of people in the bay area in an effort to get a better understanding of how the coronavirus spreads. joining us to talk about these is the former chief medical officer with the us department of health and human services and now on the medical staff at stanford. dr. singh, this initiative that will involve those studies, let's talk about the first one. what will it focus on and what is the goal? >> this

and hoover picked the commerce department, which in those days was perhaps the least important departmentthe cabinet. well of course hoover being hoover, soon there were cartoons to portray hoover as secretary of commerce and undersecretary of everything else. he did ruffle a lot of feathers. well, hee used -- created something out of what was there. the federal radio commission, radio is regulated because hoover started it. the forerunner of the fcc. and from the outset, he was certain he did not want a bbc type arrangement. he did not want -- he wanted government to regulate the industry, but he did not want government to run the industry. with enormous repercussions ever since. the first airfield in washington was hoover, hoover field, over on the -- where the pentagon is now. he took -- he wrote zoning regulations that could be adapted all over the country. he promoted the construction of new housing with standardized products. i mean, sounds kind of dull, but the fact is something -- hoover was an engineer and thought like an engineer. he ate like an engineer. in the white house, it

. >> ernie, the commerce department gave some numbers today, talking about spending on cars and car parts fell by 25% in march the st. louis fed is talking about dramatic declines from -- by auto dealers. how are you guys holding up? >> this has been a tough situation on everyone. this came on incredibly fast, and as people went in and started worrying about their health and locked down, volume slowed down a lot. so across the industry, depending on the numbers you look at, i think in the second half of march, many companies were down up to 85%. companies that were selling cars we've held up significantly better than that, but there's no doubt this has had a big impact across our industry and other industries, as well. >> how about the discounts tha you're giving right now, because it's a pretty substantial leap of faith to give people credit when we see from wells fargo, et al, that credit is hard to come by and not everybody is paying back >> no doubt about that we just started rolling out a promotion that allows customers to take up to 90 days to make the first payment. many people are

commerce department. that is signaling the start of a recession. the u.s.not alone in the time -- in the decline. germany projecting the economy 6.3%.tract in 2020 in asia, where there has been a spike in infections in singapore, employment there is dropping sharply. the biggest quarterly contraction since the sars outbreak in 2003. if you think about it, the treatments and vaccines in development, economies are struggling with when to reopen. withinlanning to end eight weeks. france is targeting a mid-may date. as it stands, global cases are topping 1.3 million. the u.s. accounts for 1/3 of it. president donald trump's senior advisor and son-in-law jared ushner saying on fox news that the u.s. is "ready to rock" again. the question is, without a vaccine, how willing are people to return to normal life? vonnie: thank you. guy: thank, indeed. vonnie: good stuff -- thank you very much. vonnie: good stuff. exactly. i am going to take it over on the side of the pond. guy: let's take a quick look at what is happening in markets. over to you. vonnie: we have a bo

the commerce department is saying they're going to need a delay in the 2020 census because of the covide situation with workers out in the field trying to collect some of that data the commerce department saying they're going to need 120 additional days to complete work because they had to stop canvassing in march. they're saying in order to ensure the completeness and accurateness, they're seeking relief from congress of an additional 120 days. so they're going to need congressal approval to do this under the plan, they say they're going the extend the plan for field data collection until october. that will allow counts to be redelivered by the president by 2021 and congressional redistricting day to to be delivered to the states no later than july 21st, 2021 so the virus causing a lot of delays around the country and now the census >> switching gears, non bank tech focus lenders are now allowed to participate in the emergency loan program for small and medium sized businesses. kate rooney joins us with that story. >> after weeks of lobbying, square, paypal and in to it were allowed to

that's actually the biggest decline for the commerce department since it began tracking that number. and a little watched manufacturing report plummeted in the month of april that we don't usually pay attention to these reports, but these are more indications of what kind of trouble the u.s. economy is in. rosemary? >> very worrying, isn't it? alison kosik bringing us the very latest from new york. many thanks. >>> we are learning the u.s. is looking into a theory the coronavirus may have originated in a chinese lab, not in a wet market and that the disease was accidently released into the public. there reportedly have been concerns for some time about the safety and management of the lab in question. that's the wuhan institute of virology. intelligence sources say the u.s. does not believe the virus was linked to any type of bioweapons research. this comes from an internal chinese document. it says china sat on critical information about the scope of the threat for some time before alerting the public. cnn's david culver has more on that. >> reporter: the internal documents acquired

created a partnership with the department of training and skills for rhode island future and the commerce department. and as of today, we launched a state jobseeking platform to help connect rhode islanders to these positions. so as of today, if you're looking for a job, or if you're an employer struggling to fill open positions, i want you to go to employri.org. employri.org. check it out. they're hiring immediately. if you're a manufacturer or company that struggling, you can go there and it's a matter -- matching function. we want to make sure those of you who can work can work. and i know it's a really tough time to hire folks so we're going to do everything we can to help you. ok, so that was a lot of information. dr. alexander scott has more information and then we can go to questions. dr. scott: thank you, governor. good afternoon. we're hearing what the governor presented on the modeling. i also want to thank the brilliant people inside and outside of state government who work together to pull together that modeling work that's informing so much of our response. thatpe that you can use messa

the commerce department found china to be the source of 95 percent of our imports of ibuprofen, 91 forth70% of acetaminophen and 70-75% of all our imports of penicillin. it also makes 80% of the entire -- china does -- the entire supply of our antibiotics. china is also making many of our vital medical devices including mri scanners. some of the top mri manufacturers make many of those machines in china including, are you ready? general electric, see men's, a german company, phillips and medtronic. well, joining us tonight to take all of this up is gordon chang, columnist, author, senior fellow at the gatestone institute. gordon, let's start with this dependency and just how severe is it. we don't have an easy, straightforward solution here for months to come, do we? >> no, we don't. and that's why it's important for president trump to sign the executive order getting pharmaceuticals purchased, you know, american-made pharmaceuticals purchased here. also we need to get our pharmaceutical companies out of china, get our supply chains out of china. we need to cut all of those links, lou. b

economy, when the commerce department released the first-quarter gdp report.ight now, before we get to that, that's what futures are looking like, all in positive territory. but let's go to christine romans, who joins us now from new york. christine, all very well and good. arrows green, pointing up. but really, that doesn't give us an indication of the economic hit, does it? >> no, it doesn't. and what we're going to see is january was a strong month in the u.s. economy, february was fine. march. march is when we really came to grips with the coronavirus disaster, and you're likely going to see the end of the longest expansion in american history happened in that first quarter, in the beginning of what could be a nasty recession, forecast niche from 4% to 11% contraction in the u.s. economy in the first quarter, and that's just a taste of what we'll see in the second quarter when you're likely going to have a depression-level collapse of the american economy. but the president, the president is really focusing on this v-shaped recovery idea and looking forwar

the commerce department reports aa 4.8% annual rate drop which is the biggest drop that we have seenlly sense last recession. the fed did say it is going to keep the benchmark rate at near zero all in response to the economic shock from covid 19. that announcement is having an impact on stocks. the dow jones is up 2.5%. the nasdaq having a great day up 4%. the s and p 500 is up about 3%. >>> a north bay business owner is going against sheller in eff if she doesn't work. she is welcoming back a few clients. the first is awe nurse who says she is not worried about being in the salon to get her hair done. >> if you talk proper precautions, then you decrees your rusk of contracting the virus. >> i am more worried about the guaranteed loss i am going to take if i continue to stay closed. >> the police chief says he knows of several business owners who were talking about reopening before restrictions are lifted but hopes to use education, not citation to convince the business owners to keep following restrictions. >>> if you like the weather, i hope you enjoyed it. a little bit of a differ

the us commerce department is expecting to report later that most domestic product suffered a steep dropr, with the economy shrinking by up to 4%. it will be the biggest decline in economic activity since the great recession over a decade ago. and there is much worse to come over the coming months, since the virus didn't begin to impact the us economy until late march. but president trump remains optimistic. it's going to come back very fast. now that our experts believe the worst days of the pandemic are behind us, americans are looking forward to the safe and rapid reopening of our country. on a trip toa reopening of our country. on a trip to a medical centre in minnesota, mike pence net health workers —— thank health workers and researchers for their efforts, but his visit was overshadowed by his decision to ignore the hospital's rules that all visitors should wear face mask the vice president said he wasn't concerned about spending the virus because he had tested negative several times for covid—19. peter bowes, bbc news, los angeles. well, the russian president, vladimir putin, has

the us commerce department is expected to report later that gross domestic product suffered a sleep dropomy shrinking by up to 4%. it will be the biggest decline in economic activity since the great recession over a decade ago. and there is much worse to come over the coming months since the virus didn't begin to impact the us economy until late march. but president trump remains optimistic. were going to come back very fast. now that our experts believe the worst days of the pandemic are behind us, americans are looking forward to the safe and rapid reopening of our country. ona trip rapid reopening of our country. on a trip to a medical centre in minnesota, mike pence thanked health workers and researchers for their efforts in the pandemic. his visit was overshadowed by his decision to ignore the hospital's rules to oui’ ignore the hospital's rules to ourfacemasks. vice president said he wasn't scared about spreading the virus because his tested negative several times to covid—i9. and in 20 minutes, we shall have more on the us economy in our business coverage. millions more people in

so some really grim figures from the commerce department to chew over there then. yeah this is a severe economic contraction and as you pointed out this is the 1st time it's happened to the u.s. economy particularly to this extent says 2014 now the sad part of all of this is that this is an acknowledgment or a snapshot of what is to come the projections for the next quarter expected to be much much worse than the fact that we hear analysts and even members of the administration talking openly about this really suggests that this is going to be something that americans have not seen in a very long time perhaps in their lifetimes now this is a result of essentially these stay at home orders that were spread across 90 percent of the country at one point output and in your standstill most business is no longer operational so the results have been widespread now we've heard from this u.s. president that he believes this is going to be a v. shaped recovery in other words a plunge down it's going to spike back up but since this is he saying that it would be very optimisti

joining me now, commerce department deputy director chris garcia.ris, the question for, if you look at multibillion-dollar, trillion dollar health care industry, $3.6 trillion industry, 40% of staffing has disappeared from hospitals because of all these elective procedures that have been, that have been halted. this almost goes back to the question the president keeps raising, the is cure worse than the actual virus? what we're doing to hospitals being disaster? >> this is great example why central planning does not work. if you think about some of the hospitals that have good practices in place, what we're hearing on the ground, having to force the furlough of workers, or to force the halting of the non-critical or non-covid surgeries has caused this economic catastrophe for these hospital the because, if you think about it, you already have 60 million americans that live in rural america. they already have a difficult time accessing health care. so what this does with this overarching order to halt the, the elective surgeries funding many of these

the us commerce department is expected to report later that gross domestic product suffered a steep dropbiggest decline in economic activity since the great recession over a decade ago. and there's much worse to come over the coming months, since the virus didn't begin to impact the us economy until late march. but president trump remains optimistic. it's going to come back very fast. now that our experts believe the worst days of the pandemic are behind us, americans are looking forward to the safe and rapid reopening of our country. on a trip to a medical centre in minnesota, mike pence thanked health workers and researchers for their efforts during the pandemic, but his visit was overshadowed by his decision to ignore the hospital's rules that all visitors should wear face masks. the vice president said he wasn't concerned about spending the virus because he'd tested negative several times for covid—19. peter bowes, bbc news, los angeles. from this weekend, letters will no longer be delivered on saturdays. royal mail says it follows a plea from staff to ease the burden on their worklo