As states continue to test various reopening strategies, the efforts range from crowded, mask-free bars in Wisconsin to curbside retail deliveries in New Jersey. Health officials continue to issue dire warnings about the risk of moving too fast, but the economy’s screeching halt comes at a steep price.
Retail sales in April dropped 16.4%, a record dive, and jobless claims continue to climb faster than expected.
This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. This blog will be updated throughout the day as the news breaks.
- Global cases: More than 4.57 million
- Global deaths: At least 308,300
- U.S. cases: More than 1.44 million
- U.S. deaths: At least 87,500
The data above was compiled by Johns Hopkins University.
New downturn gives a one-two punch for older Americans
Coronavirus has sparked a new recession that, like previous downturns, will probably hit older Americans hardest. The Great Recession had already made retirement more difficult, forcing many seniors to stay in the workforce long after they reached 65. Now that Granny’s likely been laid off from her shift at the bookstore, what’s she supposed to do?
CNBC’s Annie Nova spoke with labor economist Teresa Ghilarducci, who leads the Retirement Equity Lab at The New School in New York, about why older Americans are particularly vulnerable in the current recession. They also talk about how the pandemic has exposed the real risks inherent in our current retirement paradigm. — Kenneth Kiesnoski
Trump plans to restore a bit of WHO’s funding
9:50 am ET — President Donald Trump on Saturday said that the U.S. intends to restore 10% of its funding to the World Health Organization, though he noted that no official decision has been made.
Trump suspended funding to the WHO on April 14 after criticizing the agency’s response to the coronavirus outbreak and accusing it of promoting China’s “disinformation” about the virus. WHO officials have denied those claims. — Emma Newburger
Didn’t get that stimulus check yet? This could be why…
9:38 am ET — Still waiting for that stimulus check? While more and more Americans — some 130 million, according to the latest IRS tally — are finally getting federal relief aid promised under the CARES Act by direct deposit or in the mail, others haven’t seen a dime, or have gotten a lot less than they expected.
Sure, Uncle Sam might have made a mistake. But it’s more likely there’s a good reason you haven’t been paid yet — or were written a check for a lot less than you hoped.
CNBC’s Lorie Konish answers the most common questions readers have sent in about federal stimulus checks, from “Why didn’t I get a payment?” to “Will there be another round of stimulus?” — Kenneth Kiesnoski
House passes historic relief package
8:42 am ET — The U.S. House of Representatives passed a coronavirus relief package worth $3 trillion on Friday night as lawmakers struggle to find common ground about how to respond to the pandemic that’s ravaged the American economy.
The Republican-led Senate opposes the Democrat-led House’s legislation, and the White House has pledged to veto it in any case.
The historic spending proposal includes nearly $1 trillion for state and local governments; a second distribution of direct payments worth $1,200 per person and up to $6,000 per household; hazard pay of $200 billion for essential workers; and $75 billion in virus testing efforts, among other things.
For more details, read Jacob Pramuk’s CNBC article here. — Elisabeth Butler Cordova
U.S. House Speaker Nancy Pelosi, a Democrat from California, wears a protective mask during a news conference in Washington, D.C., U.S., on Wednesday, April 29, 2020.
Amanda Andrade-Rhoades | Bloomberg via Getty Images
Germany said to prepare $62 billion aid package for virus-hit towns
8:35 am ET — Germany is preparing an aid package worth 57 billion euros ($62 billion) in an effort to support municipalities through the coronavirus crisis, Reuters reported on Saturday, citing a document from the finance ministry.
The package is reportedly designed to help towns and cities stabilize their finances, with extra relief for municipalities heavily indebted as a result of the pandemic.
On Friday, Europe’s growth engine reported its economy shrank by 2.2% in the first three months of the year. That marked Germany’s sharpest economic contraction since the first three months of 2009 when it was in the throes of the global financial crisis. — Sam Meredith
Read CNBC’s coverage from CNBC’s Asia-Pacific and Europe teams overnight here: India surpasses China as cases spike; Greece reopens beaches.