U.S. businesses cut an unprecedented 20.2 million jobs in April during the virus pandemic, according to the payroll company ADP. More than half of the job losses came from smaller companies with 500 workers or fewer.
FILE - In this Wednesday, April 15, 2020, file photo, an Illinois Department of Employment Security office is closed in Chicago. At least a half-dozen states, including Illinois, already have notified the federal government that they could need to borrow billions of dollars to pay unemployment benefits because their own trust funds are running out of money.
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.
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.
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