Switching gears, as we head into the holiday weekend, a new record for coronavirus cases in the u. S. On wednesday, more than 50,000 cases were reported in a span of 24 hours for the very first time. According to the new york times, that is the fifth record in the past eight days. In all, there have been nearly 2. 7 million cases and more than 129,000 americans have lost their lives from coronavirus. To stop the spread, the governor of california has reimposed a lockdown in a total of 19 counties closing bars and other businesses for the next three weeks. And pennsylvania has joined at least a dozen other states mandating face masks must be warn in public. In all, at least 19 states have put their reopening plans on pause or started to roll them back. I promise that will impact the economy. Texas is one of the states thats been reversing course as cases and hospitalizations hit another alltime high yesterday. My colleague david gura is in houston. David, were the hospitals ready for this surge . Its not a surprise. Its not a surprise. I was talking with the mayor yesterday and hes been closely watching what happened in new york and seattle, stephanie. Looking at that playbook to see how it might play out here. They were not surprised. Ive talked to a number of Hospital Executives who have a plan for how this is going to go forward. Im in the heart of the texas medical community. And yesterday on their data dashboard, it showed that on a normal day theyve got 1330 icu beds. They had 1350 icu patients yesterday. So theyve begun to have to expand their footprint to find new places to put those intensive care unit patients. Now they say they have a lot of space here. They have plans through which they can find new spaces for them. Even using the Childrens Hospital for adult patients. Were in early days. I talked to the mayor yesterday. There was a sense of the gravity of this. When this begins to happen when you see spikes in surges like communities like new york and seattle, it doesnt happen in a linear fashion. It feels like were on the precipice of something here. I spoke with the Incident Commander at the hospital behind me, Methodist Hospital in houston. I asked her about the importance of this weekend were heading into. The july 4th weekend. And the governor of this state has been adamant when you look at the timetable of the spread of this virus in texas, a Pivotal Moment was after he reopened the economy here in texas, memorial day weekend, people had what he called quarantine fatigue. They went out. And you bebegin to see that rise. That exponential rise in cases. Lets listen to what Roberta Schwartz had to tell me. Shes the Incident Commander at the hospital behind me. Very nervous of a holiday like july 4th when people want to be with family, and they want to be with friends. And its natural. And theres nothing that should be natural about this july 4th. And thats where we struggle. Shes looking at the data every day, stephanie. We did that interview remotely because her job is so important she cant afford to get sick, if she can avoid it. I was walking inside the hotel and picked up the houston chronicle. Encouraging all texans not to go out this july 4th weekend. Youre hearing messages like that from local and state officials. Still no mask mandate in this state. Well see what the governor says as we approach the july 4th weekend. Hes been adamant from a policy perspective, its on the cities and counties Going Forward to decide what policies are best for those communities, steph. David, stay safe where you are in houft orngs texas. Now to phoenix, arizona. Vaughn hillyard is standing by. Were seeing very big numbers there. 4,800 new cases in the last 24 hours. But should they have seen this coming . We know whats happened there in the last few weeks. Exactly. Kind of what you and david were just talking about. Its no surprise were standing here. The fact is that ive been saying on our air for two months that the state of arizona has been breaking case and death toll records. This is over the course of the last two months, it was may 4th when governor ducey first started rolling back restrictions. May 15th, when he rolled back the states stayathome order. And what you saw over the next month and a half was a burgeoning number of cases and deaths here in the state. And it wasnt until this week that he reimplemented some of those restrictions. But by and large, Business Operations continue as normal here. You saw the Vice President and dr. Birx come into town yesterday for a press conference with governor ducey. And theres very little actionable substance that was actually put forward. The Vice President did announce theyll be sending in 500 crucial medical personnel as these hospitals were talking about capacity issues. The manpower has been such a concern here on the ground. The Vice President said 500 medical professionals will be coming in. But in terms of actual other steps, this is the july 4th weekend. And what you are continuing to see is the folks here across the greater Maricopa County but also beyond continue to engage in very much what the governor acknowledged was Community Spread just yesterday, stephanie. Community spread. Its up to us. Weve got to get serious about all of this. Vaughn, thank you. Now lets head to utah, a state just now seeing its first real surges of coronavirus. Nbcs mara barrett is in salt lake city. We havent talked a lot about utah. You have just 22,000 cases total. Whats the situation there . Stephanie, while utah is not seeing the numbers like we see in texas, florida, arizona, its the rate of increase and overall timeline thats concerning. When you look at the curve chart, back in march and april, utah wasnt seeing the spikes we saw around the rest of the country. It was relatively low case counts. Almost a plateau. Theyve seen these recent spikes in the last month or so. And now doctors are warning with these increases that hospitals could be over capacity in the coming weeks. A lot of testing sites here in salt lake are seeing supply shortages. The republican governor is trying to curb this spread as quickly as possible. Utah was one of the first states that paused its reopening plans. And the governor on a phone call with the Vice President this week urged him and the president to recommend wearing masks. I spoke to bob harman, an owner of a local Grocery Store chain across utah. He implemented a mandate that all customers must wear a mask before any county mandates went into place. I asked him how customers have been receiving that mandate. Take a listen. I think if you give them some guidance, help them be a part of the solution, theyll be all over it. And our customers have really been actually quite receptive. They are very receptive about wearing a mask. They understand. So the governor will be meeting next week with state legislators to talk about a statewide mandate. It will still take time to see the effects of that spread. The state epidemiologist saying the only way to contain it is for a fullstate reshutdown. But the governor says right now he has no plans to do so. Stephanie . Mara, thank you. We know whats going on around the country. Lets find out what it means to you and dig deeper into all of it with dr. Richard besser, former acting director of the cdc, president and ceo of the Robert Wood Johnson foundation. Whats your take on what were seeing . Especially in these states in the south and west where some of saying the virus is out of control. What were seeing, stephanie is the consequence when you have a disconnect between the political message and the Public Health message. Across the country, every Public Health leader is saying these are early days of this pandemic. What matters as individuals, as a society in terms of supporting people to do the right thing really matters. And then you see political leaders all over the board. Some saying follow Public Health and others saying this is overblown. Lets get people back to work, back to their social lives. When you have that disconnect, when you dont have everyone on the same page, what you see is what were seeing across the country right now. But even many Health Experts said were likely to see a surge in the fall and winter when things get cooler in those months but in the summer, things should quiet down as people are inside and its hot. Look at those states where were seeing the numbers spike. Some of the hottest states out there. Yeah, the issue of what happens with warmer weather, it may be the virus doesnt survive quite as well. But the behaviors of individuals will totally outweigh any changes in the virus. So when you see people out in big crowds, crowding restaurants and bars, thats going to totally overwhelm any small changes in how the virus survives. Were still in the first wave of this. What youve seen is in states that hit lockdown and are going very, very slowly in terms of reopening, youre seeing the levels arent rising right now and the big challenge will be, can we switch from a lockdown to a model where Public Health identifies every case and then does case tracking very quickly to figure out who is at risk. And then we provide everything people need to ensure that they can isolate and quarantine safely. I am very worried that as the summer goes on were not going to be able to do that effectively. Then can you speak to people in those states, speak to my mom louise ruhle who lets hope shes watching that says we already were a hot spot in new york and new jersey. Its past us. Its moved on to other parts in the country. Cant this thing come back quickly . We certainly dont have walls between states. It does. Thats why youre seeing a number of states with planned reopenings. Here in new jersey where we are, there had been a plan today to allow people to do Indoor Dining and to for bars to reopen. But what were seeing around the country is that that may be actually one of the most Dangerous Things to do. That kind of indoor crowding is a really risky thing. With every pandemic, with every new Public Health crisis, you have to learn as you go and what were learning is that theres certain behaviors that are more safe like being outdoors, six feet away from other people. Very safe activity. And then there are other things like Indoor Dining and bars that may be too risky for us to do anywhere at this time. The virus hasnt gone away and so what we do matters in terms of whether it comes up. And whether or not were collecting the data we need is absolutely critical. We need to be able to know whats going on in every neighborhood so that when theres a new case, its and do you actually yeah . But doctor lets be honest. The information that we need, do you actually think that were getting it right now . No, we arent. I dont think were getting it anywhere right now to the level we need. If you look at how the pandemic has hit different groups so far. Black americans, latino americans, essential workers, lower income americans have been hit so incredibly hard. We need to be looking at all of our data by zip code, by race, by ethnicity, to ensure that everyone in america has the opportunity to protect themselves. And its not just about individual behavior. We need to make sure that people have money in their pockets so that if they have been exposed, they have the financial means to stay home. And we need to make sure that everybody who has been exposed has a safe place to isolate and quarantine. And thats going to take a lot more action from congress than weve seen so far. I want to share what the president said about the spread of the virus just yesterday. Watch this. I think were going to be very good with the coronavirus. I think that at some point, thats going to sort of just disappear, i hope. You still believe so . Disappear . I do, i do. Yeah, sure. Sort of disappear does not align with what youve just laid out. Its important to maintain hope, but hope is not a strategy. Hope is not the approach to this. And if you look at what you see in europe, where theyve been able to decrease coronavirus dramatically across many, many countries with many, many different cultures, that gives me hope that in america, if we come at this in a unified way, and make the american way, doing the right thing. Wearing a mask. Keeping six feet away from other people. Washing our hands. Staying home if were sick. Giving each american the resources they need to protect their health. We can do the same we can have the same outcome that were seeing in europe and in so many countries across asia. But we need this to be unified. It cant be divided by politics or party. All right. Dr. Besser, thank you so much for joining us this morning. We appreciate it. Just moments ago, breaking news. This is not a surprise, though. We learned the president is going to be holding a press conference just a few moments from now. Well bring that to you live. Its no surprise. He did it last month after we got the jobs report. Were already seeing the markets up. The president is going to take this as a very big positive and for all of those who are back to work, it is a positive. But, remember, we have got a long way to go. Plus, congressional leaders hoping this morning that theyll get the answers theyre looking for when the Trump Administration officials brief them on the intelligence that russia allegedly paid bounties to the taliban to kill u. S. Troops in afghanistan. House Speaker Nancy Pelosi will be in that briefing, and she joins us next from capitol hill. Alright, i brought in ensure max protein to give you the protein you need with less of the sugar you dont. [grunting noise] ill take that. Woohoo 30 grams of protein and 1 gram of sugar. Ensure max protein. With nutrients to support immune health. Cmon pizzas here. Whoa is that shaq . This is my new pizza the shaqaroni and its bigger than pizza because for every shaqaroni sold, 1 is donated to the Papa Johns Foundation for building community. Weve got breaking news. The longtime friend and confidante of accused sex trafficker Jeffrey Epstein has been arrested by the fbi. I want to go to tom winter on the phone with more. Tom, what happened . Basically our understanding is that this morning in new hampshire, ghsilaine maxwell, who is somebody who has been a longtime confidante and friend of Jeffrey Epstein and who a number of his victims say recruited them to be sexually abused and trafficked by epstein, charges and accusation been arrested by the fbi and will be charged by prosecutors in manhattan today in connection with the Ongoing Investigation into Jeffrey Epsteins sex trafficking. Weve covered this case and horrible accusations at length over the past couple of years. We dont know the specific charges. We know shell have some sort of Virtual Court appearance because everything is a Virtual Court appearance. Presumably shell remain in custody, perhaps in the boston area, perhaps being brought to the new york area today, and then well i cannot imagine a scenario where theyd allow her to go out on bail. All indications are that theyve been tracking her for a while and had hoped to make an arrest. It comes literally, almost literally to the day, a year to the day, of epsteins arrest. He was arrested last july on july 5th. And so this is almost exactly a year later. Pretty Extraordinary Development in this case. A year to the day, all right. Tom, please keep us up on this as any developments emerge. I appreciate it. Thats tom winter joining us with the breaking news. Ghislaine maxwell, longtime confidante of Jeffrey Epstein now in custody. I want to bring in the speaker of the house, nancy pelosi. In just about two hours, the key group of bipartisan congressional leaders known as the gang of eight will be briefed by the Trump Administration officials getting an update on reports that russia offered cash bounties to the l taliban. It comes as President Trump makes his first Public Comments about those reports. And i want to get into it with the speaker of the house. Thank you for joining me this morning. So much going on. What are you expecting in your meeting later this morning . Well, hopefully well get the truth. The fact is that force protection, protecting our troops is the first responsibility of intelligence. And that there would be this idea that there would be a bounty on our troops paid by the russians to the taliban is something that was so necessary to be pursued. Why would they have not told the president because he doesnt like to get bad news on russia, and again, why havent they taken action these months later . So when we hear from them today, hopefully there will be a level of participation that knows the facts and that we will have a gang of eight that is open to the truth. But how confident are you on that level of participation . The president himself keeps calling all of this a hoax and has said nothing about Vladimir Putin or russia or possible sanctions if the president even learns more about it. Just hoax town. Well, he uses a hoax because hell say this is a hoax and its a hoax that they are 24 7 trying to disrupt our election as they did in 2016. He says coronavirus is a hoax. The fact is the president himself is a hoax. So lets recognize. Now lets hope the gang of eight shows up open to hear the truth, the facts, the intelligence. And to that moscow mitch doesnt show up but the chairman, the leader of the republicans in the senate comes with an open mind. I will say this about the white house has done a con on saying, well, because all of the agencies of intelligence have not signed off on this, it wasnt worthy of the president s attention. No, the death of our young people in afghanistan or any place is worthy of the president s attention, even if its caused by his friend Vladimir Putin. We have to come out of this with sanctions. Additional sanctions on russia. Now at the president s insistence, when we did the sanctions on russia before, he insisted that congress pull back on the sanctions and the intelligence and defense sectors of russia. Its time for us to roll those back out. Congress acceded to his wish, instituted sanctions but did not include intelligence defense. Those have to be reinstituted. Then what tools do you have at your disposal in the house to do something to punish russia for this behavior. Are there republicans you can count on to get on board here . Well, the republicans have been shining the shoes of the president the whole time, house and senate. Its most unfortunate. You just wonder what the president would be thinking if this kind of intelligence had come forth about any other country. But every time its russia, as ive said over and over, with this president , all roads lead to putin, whether its undermining our election, yielding to them in syria, whether its weakening our aleengeiance to nato. Whether its ignoring the annexation of crimea, whether its invading eastern ukraine, the list goes on and on, and, by the way, at the same time as the president was aware of this intelligence, he was trying to get russia to be back in the g7 to make it the g8 again. They were ousted because of the annexation of crimea and invasion of ukraine, et cetera, and the president was ignoring this. And not only not pursuing the intelligence, but pursuing russia being part of the g7 now back to g8. So something is wrong with this picture as ive said. What is it that the russians have on this president politically, personally, or financially that has this behavior on part of the commander in chief. Forgetting that for a moment. Lets talk about our men and women in uniform. Force protection. Thats the purpose of intelligence. The First Priority of intelligence is to protect them. F and if theres reasonable intelligence to suspect all of this, we dont find an excuse not to pursue it as this white house has done. Just thinking of the families of those affected and we owe them so much more. In your words, all roads may lead to russia, but thats not a road the president likes to go down. Hes having a press conference in just a few minutes. While we dont know details, i can say with relative confidence, its going to be about the economy. We just saw almost 5 million jobs come back in june. Thats a big positive. However, that is still only 34 of all the jobs lost in this pandemic. As someone who is pushing to extend jobless benefits and more stimulus, how do you read this report . Lets give the whole report. What we also saw, this is the 15th straight week where we have seen over 1 Million People apply for unemployment benefits. This report is a report of the first part of june where the economy was opening up. Unfortunately, not successfully. And i think when we see the whole month of june, sadly, it will show a different figure. Were all for, you know, great news when theres a good jobs report, but lets see it in its proper perspective. There is no question that we need more stimulus. Just dont take it from me. Take it from the chairman of the fed, from the secretary of the treasury. In terms of the fed, if we dont invest in terms of opening up economy by testing, tracing, treatment if we dont honor our heroes by putting resources into states and localities, if we dont put money in the pockets of the American People, direct payments as well as unemployment insurance, well be in a worse economic situation. And, by the way, the Unemployment Rate now is the worst worse than any time since world war ii of this whole period its been terrible and this still, this level is still worse than any time since world war ii. So this is absolutely. Of course. Its related to health and again he calls the coronavirus a hoax, its going to disappear, its going to be magical, miracle or something. As i say, this virus is efficient. This president is not. As long as we have this health crisis, were going to face this economic crisis. And we need more stimulus. But with that stimulus, we need oversight. The house has passed the ppp extension which helps Small Businesses. But in that language, there is no specific oversight language. And there is still no chair appointed to the congressional oversight committee. Where do we stand on this because every single day, another story crosses about really questionable money given out to businesses that dont make a whole lot of sense. Well, the legislation that came over to the house yesterday was from the senate, and they would not put oversight provisions in the bill. And our proposal, we have provisions to for the data to be revealed and be carved out of 25 for Small Businesses, 10 employees and under. They wouldnt go to that place. The republicans in the house would not give us unanimous consent to add that to the bill. They also stood in the way of us having a truth bill when we did ppp before. When we extended the period. And they stood in the way of our getting that. But it is in the heroes legislation, the need for the data. A couple of days ago in the Financial Services committee hearing, the chair of the Small Business Committee Held the secretary of treasury accountable, and he said he would give us some data by friday. But theyve been saying by friday week in and week out. Why are they not revealing the facts f s and again, in previou legislation as well as in the heroes act. We have a call, a demand, a requirement that they reveal on a daily basis, on a weekly basis, on a regular basis the amounts, the number of loans and also the data as to who was getting this. In addition to that, i think its really important to to your point about the chair, we have come to agreement over who the chair is. It is now awaiting the final approval in the senate. But for a long time now, we have agreed. And thats really important an important point that you make. I think people will be proud of the decision that weve made. Let me just say one more thing. We also in the house appointed our committee on the coronavirus to see where this money is going chaired by mr. Clyburn. So every thursday, they have a hearing pursuing the facts in all of this as to where this money is going, how it is spent. Hold on a second. They have a hearing every week, but every single day, we ask the treasury and the sba for all of the information about ppp, including the tiniest of loans and were not getting it. Your fellow congresswoman katie porter is calling on the head of the sba to step down because of malpractice. Do you agree with her . I think the president should step down because of dereliction of duty. Okay. Hes not going to do that. The fact is the committees of jurisdiction, Small Business, velazquez, Financial Services, maxine waters, have been on this case all along. And it is the responsibility after all is said and done of the secretary of the treasury to honor the spirit and the letter of the law of our support for Small Businesses. And we have in our bill, extending until december 31st. We recognize that more time is needed, they go to august 8th, a recognition that we must pass the heroes act so that all of this, with the reporting and the rest takes place. Its no use sluffing off an aid of the president. And that is the secretary of the treasure whoa says well get numbers by this friday. Thats an every friday kind of thing. But youre absolutely right. And you know, when we ask about this in relation to data, in relationship to Small Business, or in relationship to the coronavirus and the undue impact that it has on communities of color and they say we want the data. And they say, do you know how hard it is to do that . So we want the data. And so if we dont have that transparency, if we dont have the evidencebased decisionmaking about what has worked and how we go forward, were doing a great disservice and not being as effective as we need to be. As ive said, this virus which is having a terrible toll on our economy and more importantly on the health of the American People is a very effective, very efficient, deadly virus. I wish the president were efficient as well. Well, thank you so much for joining us. Thank you for sharing your thoughts this morning, spoker pelosi. Thank you. Thank you, stephanie. And as i mentioned moments ago, any second now, President Trump will be holding a press conference. Its most likely going to be about the strong jobs number. And we talked about it with the speaker. The United States economy added, not new jobs, but brought 4. 8 Million People back to work in the month of june. Thats more than the 3 million that were expected, and the Unemployment Rate fell to 11. 1 , which is down from may, but Still Holding at an historically high level. Joining us now, andy pudzner and jason furman, former chair of the White House Council of economic advisers. Jason, you were the first person i thought of when we saw these numbers. When the country started to reopen, you were the one who said, even if we reopen at 25 , youre going to see a huge boost in jobs because were coming from a dead stop. So how do you see these numbers today . Yeah, this is the easy part of the recovery. These people are being recalled back from work. Thats good news. But were still 15 million jobs short. We actually have even more people unemployed now than were unemployed in april who arent on temporary layoff, even if everyone came back to work wed still be in recession right now. So this is a its a good month. Its progress. But were still in a very deep hole, and the climbing is only going to get harder. Andy, whats your read on todays number . I agree with most of what jason said but todays numbers were great. Over the last two months weve created 7. 3 million jobs or brought people back. 7. 3 million jobs. Weve had 5. 3 Million People fewer people unemployed. Those are numbers that are significant and meaningful. Weve seen the Labor Participation rate increase. Went up about 0. 7 last month. To about 61. 5 . So i think in general, were seeing good numbers. Consumer confidence is up in june. The institute for supply manufacturers set 52. 6 of manufacturers are growing. Thats much better than economists expected. So, a couple of months ago, we were talking about whether the economy could recover from this dramatic shutdown. Now we know the answer to that. It can recover. Will it recover immediately . No. Its going to take awhile. Were going to but were seeing significant improvements, and thats what you want to see. This number, andy, also reflects oh, President Trump is actually walking out right now. President trump speaking. Andy, jason, stand by. Id like to just announce the spectacular news for American Workers and American Families and for our country as a whole. Theres not been anything like this. Recordsetting. It was just put out that the United States economy added almost 5 million jobs in the month of june, shattering all expectations. I was watching this morning. The expectations much much lower than that. The stock market is doing extremely well, which means to me jobs. The largest monthly jobs gain in the history of our country. The Unemployment Rate fell by more than 2 Percentage Points, down to just about 11 . Were down to the 11 number. We started at a number very much higher than that. We broke the record last month and we broke it again this month in an even bigger way. This news comes on top of mays extraordinary jobs report which was revised upwards by the way to 2. 7 million jobs. It was 2. 5. That was last month. And that was a recordsetter. But it actually got a little better. We revised it. It was revised upward to 2. 7 million jobs. For a combined total of 7. 5 million jobs created in the last two months, and thats a record by many millions of jobs. So its 7. 5 million jobs created in the last two months alone. Todays announcement proves that our economy is roaring back. Its coming back extremely strong. We have some areas where were putting out the flames or the fires, and thats working out well. Were working very closely with governors. And i think its working out very well. I think youll see that shortly. In june, we added 2. 1 million leisure and hospitality jobs. 740,000 retail jobs. 568,000 education and health care jobs. 357,000 service jobs. These are all historic numbers. And 356,000 manufacturing jobs. And manufacturing looks like its ready to really take off at a level its never been before. A lot of that has to do with our trade policy because were bringing manufacturing back to our country, and these take a long time to get to get going. And theyre now going. So these are historic numbers. Im really happy when i see 356,000 manufacturing jobs. And thats just a small number compared to what it will be soon because of our great trade deals. AfricanAmerican Workers really happily for me made historic gains with 404,000 jobs added last month alone, and thats a record. And the second largest jump will be last month and what we have if you add the two months together, its 700,000 jobs for africanAmerican Workers. And in the last two months. And thats a record by a lot. Likewise, hispanic employment is up by 1. 5 million jobs, a record by a lot. Hispanic employment up 1. 5 million jobs. 3 million more women were employed in the month of june. A record. Never had a number like that. Workers with a High School Education or less made the biggest strides of all. So people that have just a High School Education or have less than a High School Education with unemployment, those without a High School Diploma dropped a full 3. 3 Percentage Points. Thats the largest drop in recorded history. 80 of Small Businesses are somehow openow open. 80 . We think well have some good numbers in the coming months because others are opening, especially as we put the flame out. Getting rid of the flame. Its happening. New Business Applications have doubled since late march. Thats a number that is not even thinkable to achieve this early into a pandemic. The latest ism manufacturing report rose 10 Percentage Points with new orders jumping a remarkable 25 Percentage Points, all a record. Consumer confidence, which is great, thats a great number to me because that means confidence is really good. If you dont have good Consumer Confidence, its like life. If you dont have confidence, youre not going to do very well. Consumer confidence has risen 12 points since april and sixmonth job expectations hit the alltime and alltime high. So think of that for a second. With all we go through, with all of the trials and tribulations that we read about every night, much of it totally fake news, unfortunately, and if the consumer didnt get it, you wouldnt have good Consumer Confidence. We have Consumer Confidence has risen 12 points since april. An alltime high. Think of that. Retail sales surged an astoni astonishing 18 . So retail sales went up an astonishing 18 in may. Thats the largest increase in the history of our country. Thats a tremendous number. 18 . The number of what it means to me is jobs. The number of unemployed americans reentering the labor force rose by 43 . And fewer workers are dropping out of the labor force than before. And the crisis is being handled. You know, if you look, we were talking this morning, something to think about. China was way early. And they are getting under control just now. And europe was way early, and theyre getting under control. We followed them with this terrible china virus, and we are, likewise, getting under control. Some areas that were very hard hit are now doing very well. Some were doing very well and we thought they may be gone and they flair up and were putting out the fires. But other places were long before us and theyre now its life. Its got a life. And were putting out that life because thats a bad life that were talking about. But all of this suggested workers are confident about finding a new job. The stock market is soaring with the best gains in over 20 years. In the second quarter, the dow jones increased 18 . These are not numbers that people have heard about. Its the best in 33 years. The s p 500 increased by almost 20 . The best since 1998. For the quarter. And nasdaq increased over 30 , the best since 1999. And we had a 50month if you look over a long period of time, a phenomenal number. But if you look since the election, weve gone up the dow went up close to 45 . The s p 500 went up 47 . And nasdaq composite went up getting close to 100 . So these are numbers that are not numbers that other president s would have. They wont have it. The only thing they can kill, its a bad president or a president that wants to raise taxes. You want to raise taxes . This whole thing, your 401 k s will drop down to nothing. And your stock market will drop down to nothing. This is not just luck whats happening. This is a lot of talent. All of this incredible news is the result of historic actions my administration has taken working with our partners in congress to rescue the u. S. Economy from a horrible event that was formed, took place in china and came here. And they could have stopped it. They could have stopped it. Nobody likes to write that, but they could have stopped it. They know it, and i know it. Through the paycheck protection program, weve extended over 520 billion in loans to nearly 5 million Small Businesses, saving and supporting the jobs of tens of millions of American Workers. This has been a tremendous success. Levels that nobody has ever seen before. But we saved all of those all of those jobs and all of those Small Businesses and some will be large businesses, soon perhaps. We also rushed urgently needed relief to millions and millions of hardworking taxpayers. They got that directly, and were working on a phase four. Were working with congress. That work has started. Steve mnuchin can give you a little briefing. Talking about payroll tax cuts, were talking about more money being infused. And it comes back to us. It comes back. Its all coming back. Its coming back faster, bigger and better than we ever thought possible. These are the numbers. These are not numbers made up by me. These are numbers. Weve implemented an aggressive strategy to vanquish and kill the virus and protect americans at the highest risk while allowing those at lower risk to return safely to work. Thats whats happening. Our Health Experts continue to address the temporary hot spots in certain cities and counties, and were working very hard on that. The relationship with the governors is very good. We made a call. Mike pence made a call just yesterday and said, what do you need . Not one governor needed anything. They dont need anything. They have all the medical equipment they can have. Thank you, u. S. Government. They have all of the ventilators they have. You know, were giving many ventilators and selling in some cases and giving where needed but were the ventilator king. Were now producing thousands of ventilators. Thousands of ventilators a week. And were helping other countries and other countries are desperately in need of ventilators because this is now at 189 countries. It changes all the time that number. Our last count is 189 countries. And many of them dont have money and they almost all of them dont have a capacity to build a ventilator, which is hard to build. Very complex. Very expensive. Very big in many cases. Weve done an incredible job. So we have Assembly Lines building ventilators and were building thousands a week. All of these people are working with governors and local officials to restore best practices, and thats what weve done. That includes face coverings, social distancing, testing and personal hygiene. Wash your hands. State officials will decide how rapidly to open their economies. Thats largely up to them. If we see something thats egregious, weve gotten involved with a couple of them where we thought it was unfair. Wed like to see churches opened quickly. And some of them just dont want to do that. In new york, weve got a great ruling from a judge. Thank you, judge, that they can open. If these best practices are implemented, then the hot spots can be calmed quickly and we understand this horrible disease right now. We didnt understand the disease at all. We did the right thing. We closed it up. We would have lost millions of lives. Weve done an historic thing. We would have lost millions of lives. And now were opening it up, and its opening up far faster than anybody thought possible and more successfully. And as i said, youre going to have a fantastic Third Quarter. It will be a Third Quarter, the likes of which nobody has ever seen before in my opinion. And the good thing is the numbers will be coming out just prior to the election. So people will be able to see those numbers. The fourth quarter, likewise, will be extremely good, and maybe most importantly from the standpoint of our country itself, next year will be an historic year. Next year is going to be an incredible year for jobs. For companies, for growth. Things are happening like nobody would have thought possible. I do want to comment, boeing, as you know, is moving along in their process. Its been a hard process, a complicated process, but they have made tremendous, tremendous gains, and they are going for approvals on the aircraft. The 737 max. They are also starting to do some real business. So i just want to congratulate boeing. Theyve been through so much. I think it was probably the greatest company in the world. I used to say it was the greatest company in the world and then ran through a very tough period of time. But i just want to say that boeing has made tremendous progress in a short period of time. And other companies, i dont even have to talk about because theyre all setting records. Virtually every one of our Great Companies y iey ies is setting. President trump talking about the jobs number today. I want to bring back jason furman and andy pudzner. The jobs are coming back as the economy is reopening and the coronavirus is burning out. We all know the coronavirus is not burningweek, we saw 19 counties in california slow down their reopening. Many more states have slowed it down. What exactly is the president talking about as he relates corona burning out and jobs coming back . He may be talking about the death rate as opposed to the spread of the disease. The death rate is down significantly. We didnt shut the economy down because people were going to become ill. We shut it down because we were concerned hospitals would not be able to meet the needs and people would die. Sir, theres a lag. Hold on, sir, hold on, before we continue, theres a lag. Were seeing a Record Number of people go into the hospital and we dont yet know what the outcome will be. Obviously were hoping they all make it home safely. We cant equate the two just yet, right . I cant talk about whats going to happen in the future. The death rate currently is down i can tell you. It could go up but i think its affecting people that are younger, and they have a significantly lower death rate. So you may be right but you may be wrong as well. I think what the president s talking about is, we will see the virus come back in areas, and then go down again until we get a virus, effective therapeutic that will have an impact on the economy, but the question, can the economy recover . Yes, it can. It seems to be recovering. Its not going to recover overnight, but were seeing significant gains and we shouldnt ignore those, nor should we assume theyll continue forever. Well have to fight this out. Without a doubt, the economy is coming back. It will take some time. We agree with the president s assessment that Third Quarter will be back like a rocket ship . I think the Third Quarter will be very strong. I think the American People want to get back to work. Businesses want to reopen. So you got a lot of pent up energy and youve got a lot of money in savings. Weve seen phenomenal increases in savings. People can spend Going Forward. So i think well see a significant increase in the Third Quarter. I hope its as big as the president is projecting it will be, but im not going to make economic forecasts. I just think well have a very good Third Quarter. No doubt. We all want to get back out there. I want to jam on it in a crowded bar. I want to go to an nfl game and i certainly want my kids to go back to school. I want to come back on your show live, you know . Id like to be in new york and come back on your show live again. This is a frustrating time. Yes, but as a business person everybodys fighting through it. As a business person, youre a risk manager. Youre a risk manager, right . Hope is not a strategy. So as much as we obviously want to get back right. Do you think in the near term, the third quart ser right arou quarter is right around the corner, well be back and booming . I think well see significant increases. I used to be with a country that had offices all over the country. They didnt want to shut down when the coronavirus hit. Now theyre finding out they can work, they dont need offices across the country. Theyre finding out these people that are working from home are just as productive. So theyre getting back up. Theyre getting back up to speed but back up to speed in a different way. American businesses are great at overcoming speed bumps. Were great at adjusting to various circumstances, and i think some of that is what youre seeing in these numbers. American businesses are adjusting and will continue to do so. And as part of that adjustment, dont you think a lot of those businesses are saying we dont need to hire all of these people back . Stephanie well, some of them maybe but some of them maybe say they need to hire more, like amazon. Youve got a lot of coming and going here. This isnt all going in one direction which is why we need to look carefully at numbers as they come out, be encouraged when we see a significant increase. A significant increase is a significant increase but understand with the virus the way it is, until we have a vaccine or effective therapeutic, there will be ups and downs and not panic every time we see one. The stock market is forwardlooking. The last time i checked while the president was talking it was up about 400 points. Yes, and the stock market is not a reflection on the economy. In fact when you look at the stock market, you look at indices, which really weight the Biggest Companies out there. Jason, to you. Yes, stephanie, you know, important to understand that the economy had an enormous amount of support in the month of may. Families were getting checks. People were getting unemployment insurance, Small Businesses were getting support. All of that is ending. If it ends, and this report leads the white house to be complacent, then theres no chance well get that rocketship Third Quarter the president was talking about. Just to highlight one number in this, 4. 8 million jobs created, but look at state government. They actually shed 25,000 jobs. This is the fourth month in a row that state governments have shed jobs. You have huge contractions coming at the state and local level, if they dont get assistance in the next legislation. Thats what i was most disaint disappointed to hear from President Trump. All bragging about the numbers, very little realization it took a lot of Economic Policy to help these numbers happen and we need a lot more. He was almost complacent thinking we dont need very much more, if anything. Jason, i know were out of time but to that, do you want to comment not just that economic support helping the overall economy, but how about the support on the part of the fed helping the markets . At this point, the fed has bought, i mean the only thing they havent bought is an old car in my garage. Think about all the securities theyre buying, which keep the markets afloat. Absolutely. I think the feds done a great job, when they keep the markets afloat. It means Ford Motor Company can get loans, keep its employees on, so i dont blame the fed for what theyve done. I just blame congress and especially the president , if they dont match the fed and continue to do more. So the feds done its job. Its congress turn to keep it up. The fed said theyre going to do whatever it takes. Theyre doing it and the markets are responding. Sorry were out of time, gentlemen. Andy puzder, jason furman. Im stephanie ruehl. Eamon mohyeldin will pick up coverage on the other side of the break. Good thursday morning. Everyone. Im eamon mohyeldin in new york. New signs the pandemic is accelerating in much of the United States. The nation topping 50,000 new cases in one single day, the highest level yet. Multiple states along the sunbelt also reporting new singleday records. More confirmed cases, including california, arizona and texas. Arizona now asking the federal government for 500 additional medical workers. New mask orders are in effect in some parts of the country this morning. Pennsylvania, savannah, georgia, and floridas miamidade and broward counties among
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