- The ADP report issued on Wednesday showed a decline of 20,236,000, the worst loss in the survey’s history.
- The previous record was 834,665 job losses seen in February 2009 during the Great Recession.
- Ahu Yildirmaz, co-head of the ADP Research Institute, said, “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.”
- However, the loss was not as bad as the 22 million economists expected.
- The April total comes after a drop of 149,000 in March, revised lower from the initially reported 26,594.
- It is believed the report likely still understates the actual damage done during the implementation of social distancing measures.
- Job losses were worst in services and hospitality followed by transportation and utilities. Education and management were the only areas reporting gains.