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Thursday, May 21, 2020
HomeNewsEconomyPrivate Sector Employment Down Historic 20.2 Million in April

Private Sector Employment Down Historic 20.2 Million in April

Job Loss theme with viruses and downward stock price charts. (Photo: AdobeStock)

ADP National Employment Report Through April 12 Does Not Reflect Full Impact of COVID-19 Mitigation Efforts

Roseland, N.J. (PPD) — The ADP National Employment Report private sector employment fell by 20,236,000 jobs, the largest drop ever recorded. Like the Employment Situation Report released each month by the Bureau of Labor Statistics (BLS), datafor the ADP report is collected for pay periods ending April 12 and does not reflect the full impact of COVID-19 mitigation efforts.

Forecasts ranged from a low of -22,500,000 to a high of -9,300,000. The consensus forecast was -20,000,000.

Job Loss theme with viruses and downward stock price charts. (Photo: AdobeStock)
Job Loss theme with viruses and downward stock price charts. (Photo: AdobeStock)

“Job losses of this scale are unprecedented. The total number of job losses for the month of April alone was more than double the total jobs lost during the Great Recession,” said Ahu Yildirmaz, co-head of the ADP Research Institute. “Additionally, it is important to note that the report is based on the total number of payroll records for employees who were active on a company’s payroll through the 12th of the month.”

“This is the same time period the Bureau of Labor and Statistics uses for their survey.”

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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