In the harshest downturn for American workers in history, employers cut an unprecedented 20.5 million jobs in April, and the unemployment rate more than tripled to 14.7%. Joblessness now stands at its worst level since the Great Depression, as the coronavirus brought the economy to its knees. President Donald Trump, who has been criticized for downplaying the virus, then responding months too late, said none of it his fault. The unprecedented economic collapse robs Trump of his argument for re-election, and will fuel his drive to quickly “reopen” the U.S. economy ahead of the campaign season. He pledges to do so even as a solid majority of Americans are reluctant to return to public life, and experts foresee tens of thousands of avoidable deaths. —Josh Petri

Bloomberg is mapping the pandemic globally and across America. For the latest news, sign up for our Covid-19 podcast and daily newsletter.

Here are today’s top stories

The downturn has laid bare just how precarious employment is for vast swaths of Americans—and it’s only expected to get worse. Congressional Democrats are locked in an internal battle over what exactly should be included in the next relief bill, while Republicans insist the next piece of legislation include liability protection for companies forcing employees back to work, so if they die they can’t get sued. Trump isn’t in a hurry to help, either. Congress should mobilize resources commensurate to the crisis, Bloomberg’s Editorial Board writes, and do it as quickly as possible.

The coronavirus is constantly mutating as it spreads from person to person and country to country. Most of the time, these changes are incremental. But last week, researchers at the Los Alamos National Laboratory posited that at least one variant had significantly mutated to become more contagious. If true, this development could hamper efforts to develop a vaccine. But many scientists said the study was too limited.

The isolation, grief and economic hardship related to Covid-19 are creating a mental health crisis in the U.S. that researchers warn could make the already-rising suicide rate even worse.

New York Governor Andrew Cuomo on Friday announced the state, where more than 26,000 have died, is “finally ahead of the virus.” As businesses across the U.S. begin reopening, they’re following a patchwork of state, local and industry guidance on how to do it most safely because the federal government has left the field. They would probably follow detailed recommendations from the nation’s top public health agency, the Centers for Disease Control and Prevention—but the Trump administration blocked them. Meanwhile, the state coalitions formed to step into the leadership void left by the White House have so far been more ornamental than operational. Here’s the latest on the pandemic.

After fighting to get the government’s case about his dealings with Russia thrown out, former Trump aide Michael Flynn got his wish Thursday when U.S. prosecutors asked for the dismissal themselves. Now all he needs is for the judge to agree. That isn’t guaranteed.

With movie theaters around the world closed, studios delayed the release of their blockbusters in an attempt to limit losses. But Universal Studios also saw an opportunity to experiment with Trolls World Tour, an animated feature about, well, trolls who sing six different genres of music. The studio released the film for people to watch at home, charging $20 for a 48-hour rental. Within weeks, the film grossed about $200 million, shattering the studio’s most optimistic models and terrifying already-struggling theater chains.

What’s Luke Kawa thinking about? The Bloomberg cross-asset reporter is chewing on negative rates. Central banks have been running away from them lately. The Bank of Canada declared 25 basis points to be its effective lower bound despite an understanding that -0.5% was the lowest its policy rate could go. The European Central Bank and Bank of Japan have also refrained from taking rates deeper into negative territory during the global downturn. In the case of the Fed, unconventional options other than negative rates would likely be preferred.

What you’ll need to know tomorrow

• Markets, unconcerned with jobs carnage, gained for a second day.
• Wall Street firms are divided on where markets are headed next.
• Distressed Caribbean countries face a dilemma: They’re too rich.
• Virus-stricken children threaten the world’s ability to reopen.
• Intel is accused by workers of prioritizing chip output over safety.
• Scientists develop plasma-thruster that could one day power planes.
• RV sales soar as people try to vacation while social distancing.

What you’ll want to read in Bloomberg Politics

Biden Takes Aim at Trump’s ‘Economic Disaster’ 

Former Vice President Joe Biden assailed Trump’s stewardship of the economy on Friday, arguing that the Republican’s misguided priorities have exacerbated the damage of the coronavirus crisis and will prolong the recovery efforts. Speaking hours after the release of the worst monthly jobs report since the Great Depression, Biden promoted his economic ideas in broad strokes, centered on strengthening the middle class, and contrasted it to Trump’s focus on the wealthy and the powerful. “It turns out corruption is a feature of this economic agenda,” Biden said.

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