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Economy

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Trump denies a major recession is coming

The latest unemployment numbers show just how hard the coronavirus is hitting the economy. Over 6 million Americans filed for jobless benefits last week, at least 20 times what is normally seen. Food banks and other resources are being pushed to their limits by people in need, while President Trump maintains that the country is not slipping into a significant recession. Weijia Jiang reports from the White House, where messages on small business loans seem to conflict with some major banks.

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Trump, governors at odds on virus precautions

As the Trump administration's 15-day "slow the spread" initiative comes to an end on Monday, the president told governors that he is planning to categorize every county in America as high, medium or low risk as part of his push to reopen the economy sooner. The goal was met with resistance by medical experts as well as an increasing number of governors who are issuing shelter-in-place or stay-at-home orders as the virus spreads. Paula Reid reports on how the administration is dealing with the outbreak from the White House.

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Over 3 million U.S. workers file for unemployment

More than 3 million U.S. workers filed for unemployment last week, making it the worst week for unemployment claims in over 50 years. Over half of all U.S. states have ordered nonessential businesses to close, putting millions more at risk of being laid off or not working enough hours to survive. Jill Schlesinger, who called the Senate's coronavirus stimulus bill aimed at easing the pandemic's economic blow a "lifeline" to these workers, joins "CBS This Morning" to put the numbers into context.

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