U.S. Jobs Toll, Small Business Support, Supply Strains: Eco Day

(Bloomberg) -- Welcome to Thursday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

• Unemployment claims data due Thursday will likely show a deepening toll from the coronavirus, which has destroyed jobs at an unprecedented pace in the economy’s worst rout since the Great Depression
• For many U.S. small business owners, eight weeks of federal coronavirus relief won’t be enough to survive the pandemic’s economic damage, spurring calls from mom-and pop firms to extend the time frame
• To fight the pandemic-induced slump, the Federal Reserve is going even further than it did in the 2008-09 financial crisis
  • Minneapolis Fed President Neel Kashkari says that large U.S. banks should raise $200 billion from private investors and stop paying dividends so they can support the economy
• Covid-19 is about to put the global trading system through its most dramatic stress-test since World War II. Supply lines for essential food and medical goods are entering a critical phase as the pandemic peaks in the U.S. and Europe
• What is the main factor behind the precipitous drop in oil prices? Bloomberg Economic estimates that $22 of the $36 per barrel decline so far this year has been due to weak demand resulting from the coronavirus
• The scale of the recovery task facing China’s policy makers will be laid bare Friday when first quarter gross domestic product data is expected to show an historic slump. Here’s what to look out for
• Finally, don’t miss this week’s episode of the Stephanomics podcast

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