US employers shed 20-plus million jobs in April as the coronavirus pandemic forced shutdowns of innumerable businesses. The figure is the worst in history going back to atleast 2002.
According to ADP and Moody's Analytics, US companies slashed payrolls by 20.236 million through mid-April . Economists surveyed by FactSet had predicted 21 million private payroll job losses last month.
Big businesses with more than 500 employees reduced workforce by almost 9 million. Medium-sized firms (50-499 employees) shed 5.27 million. Companies with fewer than 50 workers cut some 6 million positions.
Service sectors shed just over 16 million; trade, transportation and utilities lost 3.44 million jobs. Construction retrenched 2.48 million, manufacturing 1.67 million, and professional and business services 1.17 million.