US companies eliminated a record 20.2 million jobs in April, ADP report says
US private payrolls sank by a record 20.2 million in April as coronavirus layoffs persisted, according toThe monthly decline was the worst in the report's history going back to 2002, but was slightly less than the 20.6 million drop expected by economists surveyed by Bloomberg.
Still, April's jobs erased is a staggering new record — the previous peak was 834,665 jobs lost in February 2009, during the great recession. The private payrolls report comes just two days before the April jobs report Friday. The government report is expected to show a huge spike in the unemployment rate to about 16% and roughly 21 million jobs lost in one month. , while goods-producing companies lost 4.2 million jobs.
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