First Decrease in New York Deaths: "Hope is Visible"

Governor Cuomo "Preparing Partial Economic Activity Resumption"
Trump, Who Predicted Worst Week, Also Shows Optimism
Bullard, President of St. Louis Fed, "US Economy Not in Free Fall"
Italy Considers Easing Movement Restrictions as Decline Continues

Andrew Cuomo, Governor of New York State
Photo by EPA Yonhap News

[Asia Economy New York=Correspondent Baek Jong-min] The number of deaths in New York State, the epicenter of the global outbreak of the novel coronavirus disease (COVID-19), decreased for the first time since the first patient was reported on the 1st of last month. Amid expectations that the rapidly spreading COVID-19 can be contained, cautious discussions about the possibility of resuming economic activities have also begun.

According to media outlets including The New York Times on the 5th (local time), the number of COVID-19 deaths in New York State was 594, down from 630 the previous day. Governor Andrew Cuomo announced, "This is the first decline since the first patient was reported."

In New York State, the virus spread rapidly after the first patient was reported on the 1st of last month. This led to the declaration of a state of emergency.

New York State regards the decrease in deaths as a symbolic milestone in the spread of COVID-19. It is seen as a hopeful sign that the economy can be normalized. Governor Cuomo said in this regard, "It may be a temporary phenomenon," but added, "If mass testing is possible, we can consider normalization." He also stated, "We are preparing measures for those who are at low risk of infection to return to work."

Earlier, President Donald Trump, who had embarrassed himself by advocating for an early end to social distancing guidelines to prevent further economic damage, also welcomed the news. At a COVID-19 task force briefing, he described the first decrease in new deaths in New York as "a good sign." President Trump also predicted that the death toll could be controlled at a lower level than the initially expected 100,000 to 240,000 deaths. Vice President Mike Pence said, "We are beginning to see a light of progress."

As of 8:30 p.m. (Eastern Time) on the same day, Johns Hopkins University reported that the number of confirmed COVID-19 cases in the U.S. was 337,072, with 9,633 deaths.

James Bullard, President of the Federal Reserve Bank of St. Louis, who had warned that the U.S. unemployment rate could reach 32%, also expressed a positive stance. On the same day, appearing on CBS, he predicted, "The U.S. economy and unemployment rate will not free fall." Bullard argued, "The massive unemployment is not an economic problem but a result of social distancing for health security," and "The surge in new unemployment claims shows that social distancing is being successfully implemented."

He also expressed the opinion that the $2.2 trillion economic stimulus package is intended to prevent Americans from participating in economic activities to curb the spread of COVID-19. However, he added the condition that the government must prepare well for a "perfect scenario" of a rapid economic rebound after the COVID-19 crisis ends.

The stock market also rose. According to CNBC, major futures indices on the New York Stock Exchange rose nearly 3% on the news of the decrease in deaths in New York. Bill Ackman, founder of Pershing Square Capital Management and a prominent Wall Street investor, welcomed the news via his tweet, saying, "Many may get infected and die, but I have started to feel hope (seeing the decrease in deaths in New York)."

Hope is also being sensed in Europe, which forms a major consumer market alongside the U.S. Italy, known as the "Wuhan of Europe," recorded 525 daily deaths on the same day, the lowest since March 19 (427 deaths). The total number of confirmed cases rose by 4,316 to 128,948. Spain also saw a decrease in daily deaths for three consecutive days since peaking at 950 on the 2nd. The rate of new confirmed cases dropped from 14% ten days ago to 4.8% on the same day.

Angelo Borrelli, head of Italy's Civil Protection Department, said, "This is good news regarding COVID-19 figures, but we must not lower our guard." The Associated Press reported that an Italian government official stated, "We need to review plans to ease lockdown measures soon."

This content was produced with the assistance of AI translation services.