Economics
U.S. Companies Cut a Record 20.2 Million Jobs, ADP Says
A pedestrian walks past New York State Department of Labor building in the Queens borough of New York, U.S., on Tuesday, April 14, 2020.
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
Employment at U.S. companies plummeted in April by the most in records back to 2002 as coronavirus mitigation efforts brought business activity to a near standstill.
Private payrolls slumped by 20.2 million from a month earlier, according to ADP Research Institute data released Wednesday. Employment in March was revised down to a 149,000 decrease from a previously reported 27,000 drop. The report reflects data through April 12 to align with Labor Department figures, and doesn’t include the impacts of Covid-19 that occurred later in the month.