Newport Beach Mohammed, Economic Adviser, Dr Mohammed Auriant discussed on KNX Programming

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Road reports of debris in the right two lanes in export coming up at eight fifteen AM Geoff Biggs with more traffic reports more often K. next ten seventy newsradio so we've got rain a lot of rain in the forecast might be raining where you are now might not quite yet but it will be we are going to get up to eight inches in the mountain and foothill areas and up to two inches in the valleys and along the coast overnight lows forties and fifties tomorrow low fifties to low sixties looking at some temperatures right now in southern California we have fifty nine degrees in Fullerton fifty six in van Nuys and we have fifty five in Northridge it's eight oh six this is mo tech on Monday your number one source for business and consumer news here in southern California sponsored by opus bank complaint Motshekga coronavirus paint on Wall Street and on main street the death toll the number of coronavirus cases continue to rise the number of people unemployment line saw record search for the second week in a row nearly ten million Americans applied for unemployment benefits in the last two weeks of March the labor department reports the nation's unemployment rate shot up for a fifty year low of three and a half percent to four point four percent as employers cut at least seven hundred one thousand jobs that number is expected to be revised sharply higher money for the two point two trillion dollar rescue package approved by Congress last week started flowing the head of the International Monetary Fund expects the sudden recession sparked by the pandemic is going to be way worse than what we saw during the two thousand eight financial crisis calling the current situation of crisis like no other the corona virus pandemic now expected to cost the global economy as much as four point one trillion dollars stocks on other volatile week without coming in for closing loss of three hundred sixty one points to end the week at twenty one thousand fifty two the Dow was down two point seven percent for the week joining me now Dr Mohammed Auriant chief economic adviser Ali ons former pimco CEO in Newport beach Mohammed again thank you very much for joining us here after another very difficult week coronavirus crisis continues in now record shattering unemployment give us your assessment of where we stand at this point so again and go through this image of all of us having to drink from three fire hoses and it continued this week one is the economy and perhaps the biggest element or any indications both on Thursday and Friday but the labor market is imploding we are getting her with strict unemployment numbers.

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