The economic data is catching up with reality, although the gap between the formal reports and what’s unfolding in the real world remains huge. For the high-frequency numbers that capture the blowback from the coronavirus in close to real time, the results are painfully clear. In particular, the soaring applications for jobless claims in recent weeks speaks volumes about the economic rampage that’s unfolding across America. In the past four weeks, more than 22 million workers have lost jobs—a loss that reverses all the employment gains in the past decade.

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Trump outlines guidelines for states to emerge from shutdown: Reuters
US coronavirus deaths spiked higher on Thursday: WSJ
Experimental drug for treating coronavirus offers encouraging test results: STAT
US-China economic breakup more likely as coronavirus crisis rolls on: WSJ
France’s Macron warns of EU’s collapse as ‘political project’: FT
The sharp economic downturn in China is a warning for the world: NY Times
US housing construction fell sharply in March: Bloomberg
Philly Fed Mfg Index falls to lowest reading ever in April: Philly Fed
US jobless claims continued to rise by the millions last week: CNBC
China’s economy contracts by a hefty 6.8% in the first quarter: CNBC