ADP: More than 20 million jobs vanished in April


BALTIMORE (AP) — U.S. businesses cut an unprecedented 20.2 million jobs in April, an epic collapse with coronavirus outbreak closing the offices, factories, schools, construction sites and stores that propel the U.S. economy.

The Wednesday report from payroll company ADP showed the tragic depth and scale of job losses that left no part of the world’s largest economy unscathed. The losses will likely continue through May, with a recovery in hiring likely to begin in the months that follow, said Mark Zandi, chief economist at Moody’s Analytics.

“This is one for the record books,” Zandi said. ”The good news is that we’re at the apex of the job loss.”

Even though Zandi expects hiring to resume in June as states ease lockdowns, he cautioned that it will be a “slog” over several years to recover all the jobs lost in April.

The private industry report comes two days ahead of the official monthly job figures from the U.S. Labor Department. Economists believe the Friday report will reveal unemployment in the U.S. stands at a shocking 16%, up from 4.4% in March.