Kudlow says US is in “recovery phase”


With several drug manufacturers looking for a Covid-19 vaccine, countries are preparing when it is finally available and are concluding agreements with companies to prepare for possible distribution. AstraZeneca, which has a vaccine in development in Oxford and is expected to complete the experimental phase by fall, has agreed to deal with several countries for the distribution of its vaccine.Italy, Germany, France and the Netherlands have signed a contract with the company to supply 400 million doses of the vaccine, according to a Reuters report. AstraZeneca CEO Pascal Soriot said the drug maker is also in talks with Japan, Russia, Brazil and China.

This is CNBC’s live blog covering all the latest news on the coronavirus epidemic. This blog will be updated throughout the day as news becomes available.

  • Global cases: over 7.80 million
  • Deaths worldwide: at least 430,550
  • Cases in the United States: more than 2.07 million
  • Deaths in the U.S.: at least 115,436

The above data was compiled by Johns Hopkins University.

Kudlow says US economy is in “recovery phase”

Masked aides stand behind White House economic advisor Larry Kudlow as he talks to reporters about the economic impact of coronavirus disease (COVID-19) at the White House in Washington, May 15, 2020 .

Kevin Lamarque | Reuters

10:02 am EST – White House economic adviser Larry Kudlow said the US economy is now in a “recovery phase” after saying last week that the economy appeared to be bottoming out.

The unemployment rate fell to 13.3% in May from 14.7% in April, a largely unexpected gain as states begin to lift restrictions and people start working again.

The $ 600 enhanced unemployment benefits created by CARES to help people who lost their jobs during the pandemic are scheduled to end on July 31.

Kudlow said the additional benefits were “dissuasive” for those who did not wish to return to work because unemployment assistance paid more than their normal wages, and said there would be “some kind of bonus” for those who would return to work. –Emma Newburger

Some US industries see improvement amid reopening of progress

9:25 am EST – The key sectors hardest hit by coronavirus are seeing improvement as the United States makes further progress. Consumers eat more at restaurants, buy more homes, and even travel more.

To view the graphs illustrating the signs of recovery in these sectors, click here. –Hannah Miller

European countries reopen their trips with a patchwork of different rules

Swimmers on a beach in Palma during the first day of phase 2, when it is possible to access the beaches of the same province, island or territorial unit of reference established in the downhill plan, and when the town halls can establish access restrictions, which in any case will be free, and on the ability to ensure that the interpersonal distance of at least two meters between swimmers is respected.

Isaac Buj | Europa Press News | Getty Images

8:54 am EST – Travel restrictions are lifted across Europe, but travelers from the United States, Asia, Latin America and the Middle East are still unclear, reports the Associated Press.

Many European countries are reopening and allowing travel from the EU, Britain and other Schengen countries without passports, according to the AP.

A notable obstacle to the push to reopen travel is Spain, which still has a week of restrictions on domestic travel and will open to travel abroad on July 1, the press service reported. The country, however, has a two-week test for visitors on Monday when thousands of Germans fly to the Spanish Balearic Islands.

Germany, as well as France and others, lift border controls on Monday and cancel a global warning against spurious trips to exempt European countries, according to the AP. Non-essential warnings should remain in place for countries where there are still travel restrictions such as Finland, Norway, Spain and Sweden. –Chris Eudaily, Associated Press

Read CNBC’s previous live coronavirus coverage here: European nations sign agreement with AstraZeneca for 400 million doses of vaccine.


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