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May 7, 2021, 1:21 p.m. EDT

India sets grim record of more than 414,000 new COVID cases a single day as pressure builds on Modi for nationwide lockdown

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Ciara Linnane

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• A new  analysis  estimates that the number of people who died from COVID-19 globally, as well as in the U.S., is significantly higher than official death tolls, MarketWatch’s Jaimy Lee reported. The Institute for Health Metrics and Evaluation, a health research center affiliated with the University of Washington, estimates that 905,289 people in the U.S. died from COVID-19, compared with the official tally of 574,043, as of May 3. India is estimated to have had around 640,000 deaths, which is nearly three times the official number of 221,181. And, worldwide, the IHME’s analysis puts the number of COVID-19 deaths at 6.93 million, which more than twice as many deaths as have been officially reported, 3.24 million. There are two main reasons the IHME believes that death rates are higher: a lack of adequate testing in the earliest days of the pandemic, which would have confirmed infections, and discrepancies between reported deaths by governments and excess mortality rates.

• Germany is planning to recommend the Johnson & Johnson one-dose vaccine only for people above the age of 60, Reuters reported, citing German magazine Der Spiegel. The magazine did not name a source. The J&J vaccine was put on pause in the U.S. to allow regulators assess some very rare cases of blood-clotting, but the pause was lifted when they concluded that the benefits outweigh the risks. The EMA came to same conclusion in April.

• The World Health Organization said Friday it has listed the COVID-19 vaccine developed by China’s Sinopharm for emergency use , allowing it to be rolled out across the world. The vaccine is made by Beijing Bio-Institute of Biological Products Co Ltd, a subsidiary of China National Biotec Group.

Latest tallies

The global tally for the coronavirus-borne illness rose above 156 million on Friday, according to  data aggregated by Johns Hopkins University , while the death toll rose above 3.25 million. More than 92 million people have recovered from COVID, the data show.

The U.S. continues to lead the world in cases and deaths by wide margins, with 32.6 million cases and 580,068 deaths, or about a fifth of the worldwide tallies.

India is second to the U.S. by cases at 21.5 million and third by fatalities at 234,083.

Brazil is third with 15 million cases and second by fatalities at 416,949.

Mexico has the fourth highest death toll at 218,173 and 2.4 million cases, or 15th highest tally.

The U.K. has 4.4 million cases and 127,843 deaths, the fifth highest in the world and highest in Europe.

China,  where the virus was first discovered late in 2019,  has had 102,589 confirmed cases and 4,846 deaths, according to its official numbers, which are widely held to be massively underreported.

What’s the economy saying?

The U.S. created just 266,000 new jobs in April on a seasonally adjusted basis even as the economy gained strength, suggesting companies might be struggling to fill open jobs even with millions of people still unemployed, MarketWatch’s Jeffry Bartash reported.

The increase in new jobs fell well short of forecasts. Economists surveyed by Dow Jones and the Wall Street Journal had estimated 1 million new jobs had been created in the month.

“The April jobs report was a huge disappointment,” said senior chief economist Gus Faucher of PNC Financial Services.

The official unemployment rate, meanwhile, rose to 6.1% from 6%,  the U.S. Labor Department said . Yet the first increase in 13 months stemmed from more people entering the labor force in search of jobs — a good sign for the economy.

The relatively small increase in new jobs belies mounting evidence that companies are eager to hire more workers in response to soaring demand for goods and services.

Job openings have surged, for instance, and a survey of small businesses showed that 60% tried to hire people in April.

Read:   The biggest part of the economy is surging and rehiring workers

Plus: A jobs-report whodunit: The prime suspects for weak hiring gains in April

“The report is a bit of a head scratcher that tempers recent projections of a smoothly accelerating economic recovery,” said senior economist Daniel Zhao of Glassdoor. “”By all accounts, the improving public health situation should drive faster job gains, but the report is a humbling reminder that the road to recovery is not a straightforward one in a pandemic.”

“This speaks to the growing challenges in finding workers to fill positions due to health fears, child-care duties and even the expanded unemployment benefits,” said senior economist Gus Faucher of PNC Financial services.

President Joe Biden said the data were reflective of an economy in recovery but argued that the federal government needs to deliver on his infrastructure and family packages, in addition to March’s $1.9 trillion pandemic relief legislation , to fully regain fiscal footing. “ We’ve got work to do ,” he said.

The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.24%  and S&P 500  /zigman2/quotes/210599714/realtime SPX +0.24%  rose Friday, suggesting investors were not taking the report at face value.

See also: Disruptions to child care and school had a profound impact on families during the pandemic

US : Dow Jones Global
+82.76 +0.24%
Volume: 264.80M
July 26, 2021 5:03p
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Volume: 1.80B
July 26, 2021 5:03p

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