Monday, May 27

More than 20 million US Jobs vanish in April

US businesses cut an unprecedented 20.2 million jobs in April, an epic collapse as the coronavirus outbreak closed of offices, factories, schools, construction sites and stores that propel the US 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 leisure and hospitality sector shed 8.6 million workers last month. Trade, transportation and utilities let 3.4 million people go.

Construction firms cut nearly 2.5 million jobs, while manufacturers let go of roughly 1.7 million employees.

This private industry report comes two days ahead of the official monthly figures from the U.S. Labor Department. Economists expect that report will show 21 million job losses, according to the financial data firm FactSet.