How hes been getting by in these challenging Economic Times and later in the hour well check in with Healthcare Workers on the frontlines of the covid19 fight to see if the situation here in new york has been improving. So all of that, is coming up. First though our top stories of the day fox Business Team coverage with blake burman following the latest news out of the white house. Lauren simonetti on the markets we begin though with Edward Lawrence live in washington. Edward . Reporter yeah, connell we all know that headline number 20. 5 Million People lost their jobs in april, the Unemployment Rate at 14. 7 , that is the highest recorded Unemployment Rate since 1948 when they were keeping track, and if you dig deeper into these numbers almost half the job losses are coming from Industries Directly related to consumer spending. Retail lost 2. 11 million jobs, leisure and hospitality lost 7. 65 million jobs, Stores Closed , cruise ships docked, hotels not taking reservations in april. One more shocking number education and Health Services lost 2. 54 million jobs, and now some of these will be temporary job losses for example, when hospitals start opening up again doing elective procedures doctors offices will start opening again people will largely go back to work in those sectors same for hotel and Airline Industries but retail may have permanent job losses as weve seen two big names file for chapter 11, j crew and nieman marcus. The administration not sugar coating these numbers instead looking forward. The second half of the year should be very strong and then i think if we can get a pro incentive policy mix which the president firmly believes in , 2021 could be a fantastic year. Reporter and believe it or not the job losses were not as bad as expected still when you look at the Labor Force Participation rate its at 60. 2 dropping 2. 5 that is the lowest number since the month of 1973 when president Richard Nixon was inaugurated for his second term in office. Back to you, connell . Connell all right Edward Lawrence, live for us in washington. Melissa . Melissa Lauren Simonetti with more on the market reaction. Lauren . Lauren and melissa well markets are closing out a solid week for the dow and the s p 500 as well investors brush aside that dismal data and unlike the rest of the week markets rallied into the close the nasdac was the outperformer on the week, up for the week 6 and for the year, up 1. 5 and we saw a rotation today into those economically sensitive sectors whether it was energy, industrials, materials, even the small caps all winners today , so is oil, oil up today also up this week up 25 on the week, and exxon one of the best performers on the dow jones today, baker hughs reported an eighth consecutive weekly decline inactive oil rigs , so supply coming off the market we hope demand continues to go up and investors are cheering that demand, the start of the reopening of the economy take a look at apple apple will open stores in four states next week with safety precautions and you can see when that news was announced how the stock just took off closing at 310 right near an alltime high, and take a look at this. Uber reported a near 3 billion quarterly loss but cost cutting and a recent rise in ridership hasselberg investors buying the stock on the hopes of future profitability. Tesla is hoping to restart production in california today these stocks all surging. Then theres casinos and airlines and the retail stocks, many of them rallied in a big way today as well and it shows how forgiving investors are because some of these sectors as edward just said were the hardest hit in the employment report for april that we got today so investors very forgiving melissa and connell looking to the other side of the recovery and we dont know what shape that takes melissa thanks, lauren. Connell over to you. Connell next up melissa is blake burman following things in washington and the latest out of the white house on a friday. Blake . Reporter hi there, connell the president s top Economic Advisor larry kudlow even acknowledged hes not even sure if this jobs report is as bad as it will get but as it relates to President Trump, well he is looking many many months down the line and in fact when we saw the president on camera earlier this afternoon from the white house, since he was sitting down meeting with republican lawmakers the president coined a new phrase as to how he views where we are in the economy rate now. The president says we are in a transitiontogreatness. Listen. President trump its a great term, it just came out of this meeting. It came out by sent. It was a statement and it came out and you cant get a better one. We can go to madison avenue to get the greatest geniuses in the world to come up with a slogan but thats the slogan were going to use. Transitiontogreatness. Reporter so well be hearing that meantime for the second day in a row an individual within the white house has tested positive for covid19 and now the white house not specifically identifying that individual, though President Trump did identify her as a press person for the Vice President named katie. The white house chief of staff says the white house has instituted new protocols in the last 48 hours and suggested that more could be coming as well. We may take some additional precautions as it relates to the Vice President and the president in terms of just making sure that the people that come in contact with both of them are done, that its done in a way that makes sure that we keep the president safe. Reporter testing within the white house clearly ramped up by the way connell and melissa you might remember last weekend the president went off to camp david and the president saying again today he will be doing that this weekend meeting at camp david with the joint chief of staff back to you. Connell okay good enough. Blake burman wrapping up our look at the top stories of the day thank you, blake. Melissa . Here now is steve forbes, forbes media chairman. Let me ask you about this transition to greatness how long do you think its going to take . Reporter its going to take several months and most will depend upon what congress does in the next few weeks there are two big Things Congress has to do. Business is crying out for it and that is immunity from frivolous lawsuits. The trial bar is already writing a massive amount of lawsuits so congress is going to take that up if a Company Makes good faith efforts and principles of safety such as masks, physical distancing and the like they should not be subject to lawsuits only if youre legitimate, grocery negligent with your customers or employer s should be subject to lawsuit that is absolutely critical businesses are reluctant to reopen, and the other big thing that has to be donald im surprised republicans have been resistant to it is a payroll tax holiday that helps reserve jobs, create jobs gives a person making 40,000 a year a 3,000 raise, substantially lowers the cost of layer and those two things make a transition to a vibrant economy much more easy but if we dont get those two big things done then this is going to be a jagged recovery and understandably so. Melissa were looking at the unemployment numbers right now and what maybe is most surpris ing to me out of the data that we got on these unemployment numbers was this idea that about 18 Million People right now think that they will immediately go back to work and be rehired to the same job as soon as the virus passes, its about threequarters of those who are unemployed right now. Do you think that thats a good estimate of what jobs will be waiting when people go back too high, too low . Well i think its remarkable that given peoples concerns about their physical safety, understandably, that that many people are ready and raring to go back if they think they have a safe atmosphere and i think that is the best thing that came out in this report. The downer in the report was what they call the u 6 number, over 6 Million People who have dropped out of the labor force which if you add back to the unemployment, it brings it up to about 2324 catastrophic number people want to get back to work but they want to feel their efforts have been made to have a safe environment and also you have the conducive atmosphere for business which gets to the political campaign, what kind of Regulatory Environment tax environment are we going to have going into next year . So a lot of fireworks are going to be ahead, which way do we want to go . Melissa i dont know if you saw the mit study earlier this week that came out where they said they compared an economy where you had the shelter in place like weve been doing versus if you just had people over 65 shelterinplace and those who had really weakened immunity that the hit to gdp in the case where were all hiding inside is about 25 but if you just protect those who are over 65 and vulnerable and of course a lot of those people are retired anyway, that the hit to the gdp was only 12 . Does that sound right to you and does it make you feel like maybe weve been doing the wrong thing well to give policy makers a little bit of a pass this thing is unprecedented, they are given models that show show showed absolute catastrophe out there so they were forced into it. Britain was willing to ride it through but then saw that college estimate and they said oh, we better respond to it. I think the key thing for that study is this fall, when the virus may come back again, i think were going to have a much more measured targeted approach than we have now and not the kind of economic hit we suffered now but also that study should tell governors you can open up much more perhaps than you realize now except in hard hit areas like portions of new jersey or new york or some of the other hotspots but most of the nation could take a much more progrowth open up approach as this study shows as long as you know whose truly vulnerable you can cutoff most of that kind of really openness to that disease, covid19. Melissa you know the last thing that was really surprising was this number that came out of new york yesterday that was about 66 of the people who came down with the virus recently had been sheltering in place, so was this idea that even though they are home and not going to work and not supposed to go anywhere that just the mere fact of going out for groceries is dangerous enough, or ordering in whatever they are doing or however they get exposed was dangerous enough for 66 to then contract the disease, or of the people contracted at 66 of them were hiding inside. I dont know, how do you parse that data . Well i think in terms of vulnerability, we know this disease was extremely infectious, but i also think were in an environment now you wouldnt know it from the weather today but with warm weather coming, you want to have people get out, because the thing about that disease is even if one person you come in contact with can infect a whole household, so i think again the key thing is we know whose vulnerable and we know especially those who are going to be vulnerable to mortality who are dying from this disease, were now focused in on that and so yeah nobody wants to get the disease but we want to prevent those who are most vulnerable from getting it and thats why the real scandal coming out is what happened in Nursing Homes, why people are shoved back into Nursing Homes which is a hot house environment and thats a huge scandal, and hopefully that is never done again but its still going out there. Melissa steve forbes thank you so much for that we appreciate it. Nearly 1. 3 million cases in the u. S. And 330,000 here in new york. Were going to talk to an emergency room doctor in new york city about his experience on the frontline and a Healthcare Worker as a patient in the icu. Connell . Connell and well have more melissa from here at the downtown cafe in glenn cove which is a city on long island thats really come together in the fight against covid19. Just across the street from here is another restaurant called henrys thats been around forever, since 1929 and you go inside, and it looks like a throwback, that the old School Booths set up and no doubt a place like this would usually be packed with people on a day like this in normal times but now, its takeout only. Earlier today i checked in with the owner joe talking about the impact of the shutdown and the desire to get back up and running at full speed. Were probably down three quarters of our daily routine is down for sure. 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I think its fair to say an integral part of the downtown here in glenn cove, and were sitting in the restaurant section of this cafe and you can see behind me they got the chair s on the tables, theres nobody allowed to come in and sit down and eat, so normally be a friday night, and people getting set to watch a game or something you cant do that. Next door they have a pizza place thats still open but only for takeout and delivery so how long can a Small Business like this keep going like this . We welcome in the owner of the downtown cafe, john, first of all thank you for hosting us today. Connell thank you for coming in and showing what the restaurants are going through. Connell which is a tough time obviously. That was a fairly simple question i guess of asking how long can you keep going like this. How have things been going . Weve been holding our own because we were set up for pickup and delivery before hand, and weve been holding our own to keep most of our employees here. We are losing a lot of revenue because the restaurant as you can see is closed down, the bar business, everyone having cocktails or ordering an appetizer or sitting down, you know, having a couple more appetizers with their meal. Connell which is how you make more money leads to more revenue you brought up staff already. How did you figure that out . We knew it was going to be terrible but we had the terrible jobs report this morning from all around the country 20 million jobs lost in a month how did you manage your staff through this . We had to lay off a few people, lay them off for a little while but we hired like our main full time employees to do other things in the restaurant like a couple of our waiters or managers are delivering pizza now, trying to keep as much of the kitchen staff their hours intact, they did lose a couple hours here and there but connell youre being creative with it. With the expanded unemployment in the state did that have an impact in terms of tough to get people to come back to work or do they all want to be here . Well when we are allowed to open up more, we will find that out. Right now, were not at that point, so when new yorks restrictions come back a little bit in phase ii or phase iii, we will see if its hard to get people back because some people are making a lot of money on unemployment and might not want to come back so well see how that works. Connell some of that might depend on timing when that runs out versus when new york and a restaurant like yours is allowed to reopen. What did you do in the interim in terms of loans . We talked to so many Small Business owners they all had different experiences, not all but many, what was yours . Thats a great question, connell. Ive been talking to a couple people in the Restaurant Industry, a lot of pizza friends i have all over the u. S. And were all talking about our different places and how everything is working out. We did get approved for the ppp loan but we dont know if well take it because were in new york and once you get the loan in your bank account, you have to start using that within eight weeks to get it taken back. Connell youre pretty much shut down on this side. Yes, exactly so if that eight week starts immediately once we get it, were not hiring anybody back, just yet, so now do we take the loan, or not, because we might not be able to use it all. Connell when do you have to decide by . You dont have the money yet. No it should come in next week some time. Connell could it take a while to get there . We need to get to phase i because our business wasnt big enough. Connell meaning that the big banks or youre working with a larger bank at the time . Exactly and we went to a smaller bank and the smaller bank got us approved rig