States across the U.S. continue to chart their own paths forward, trying to thread the needle between public health concerns and efforts to restart the economy amid mass unemployment. Another 2.1 million people filed jobless claims over the past week while continuing claims, or those who have been collecting for at least two weeks, reached 21.05 million, a clearer picture of how many workers remain without work.
This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. This blog will be updated throughout the day as the news breaks.
- Global cases: More than 5.83 million
- Global deaths: At least 360,800
- U.S. cases: More than 1.72 million
- U.S. deaths: At least 101,600
The data above was compiled by Johns Hopkins University.
U.S. savings rate hits record as coronavirus causes Americans to stockpile cash
9:13 a.m. ET — The personal savings rate hit a historic 33% in April, the U.S. Bureau of Economic Analysis said. This rate — how much people save as a percentage of their disposable income — is by far the highest since the department started tracking in the 1960s, and surpasses consumer savings when the U.S. was embroiled in the financial crisis.
The increase in savings came as spending declined by a record 13.6% for the month. The deadly virus, which has caused more than 40 million Americans to file for unemployment, has paralyzed consumer spending habits. —Maggie Fitzgerald
New cases continue to rise in Latin America
No-lockdown Sweden reports economic growth in the first three months of the year
People walk at Strandvagen in Stockholm on March 28, 2020, during the the new coronavirus COVID-19 pandemic. – Sweden, which has stayed open for business with a softer approach to curbing the COVID-19 spread than most of Europe, on March 27, 2020 limited gatherings to 50 people, down from 500.
JONATHAN NACKSTRAND
7:55 a.m. ET — Sweden’s economy expanded at an annual rate of 0.4% during the first three months of the year, official data published Friday showed, following the government’s contrarian decision not to impose a full coronavirus lockdown.
The Nordic country reported stronger-than-anticipated gross-domestic-product data for the first quarter, even as many other European countries recorded a severe economic contraction over the same period.
As of Friday, Sweden had reported more than 35,000 cases of the coronavirus, with 4,266 deaths nationwide, according to data compiled by Johns Hopkins University. It has the highest Covid-19 death rate per capita of any country across the globe, according to a rolling average over the last seven days. —Sam Meredith
Russia sees record daily rise in Covid-19 deaths
An employee and a patient at an intensive care unit at the Republican Clinical Hospital treating patients with confirmed or suspected coronavirus infection.
Yegor Aleyev | TASS | Getty Images
7:28 a.m. ET — Russia reported 232 fatalities as a result of the coronavirus in the last 24 hours, reflecting the country’s highest one-day spike in Covid-19 deaths since the outbreak began.
It means the country’s official coronavirus death toll has climbed to 4,374.
Only the U.S. and Brazil have recorded more cases of the coronavirus than Russia, according to data compiled by Johns Hopkins University. —Sam Meredith
Expect delays in non-Covid clinical trials, former FDA chief says
7:20 a.m. ET — Clinical trials of drugs, treatments and vaccines unrelated to Covid-19 will likely face delays going forward as the agency focuses its resources on addressing the virus, former Food and Drug Administration Commissioner Dr. Scott Gottlieb said.
“A lot of drug companies put clinical trials on hold,” he said, adding that some companies didn’t go forward with planned trials and others suspended ongoing trials. “The agency has been keeping up” so far, Gottlieb added.
The FDA put out new guidance dated May 26 that said the agency might need to prioritize resources moving forward as staff is stretched thin.
“With many staff members working on COVID-19 activities, it is possible that we will not be able to sustain our current performance level in meeting goal dates indefinitely,” the agency said in the document. —Will Feuer
Disclosure: Scott Gottlieb is a CNBC contributor and is a member of the boards of Pfizer and biotech company Illumina.
EU promises quick review of remdesivir as potential treatment
A lab technician inspects filled vials of investigational coronavirus disease (COVID-19) treatment drug remdesivir at a Gilead Sciences facility in La Verne, California, U.S. March 11, 2020. Picture taken March 11, 2020.
Gilead Sciences Inc | Reuters
6:59 a.m. ET — The European Union will conduct an accelerated review of Gilead‘s remdesivir as a potential treatment for Covid-19, the European Medicines Agency said, according to a Reuters report.
The health regulator said its human medicines committee will review the drug on a timeline “reduced to the absolute minimum,” adding that biopharmaceutical company Gilead has yet to submit an application for approval of the treatment, Reuters reported.
The U.S. Food and Drug Administration granted an emergency use authorization for the use of remdesivir to treat Covid-19 patients earlier this month. That means doctors can use the drug on patients hospitalized with the disease even though the drug has not been formally approved by the agency. —Will Feuer
Read CNBC’s previous coronavirus live coverage here: San Francisco releases reopening timeline, Boston Marathon canceled