JUST IN: U.S. private payrolls fell by more than 20.2 million in April, the worst loss in the ADP survey’s history.
Private payrolls fell by more than 20 million in April, the worst drop in the ADP survey history, though not as bad as estimates of 22 million job losses.
In all, the decline totaled 20,236,000 — easily the worst loss in the survey's history going back to 2002 but not as bad as the 22 million that economists surveyed by Dow Jones had been expecting. The previous record was 834,665 in February 2009 amid the financial crisis and accompanying Great Recession.
The April total comes after a drop of 149,000 in March, revised lower from the initially reported 26,594.As expected, job losses were most profound in the services and hospitality sector, as bars and restaurants had to close during the pandemic with virtually no eat-in dining allowed. In all, the sector saw 8.6 million furloughs even as some establishments tried to make up for lost business with curbside and delivery services.
Broadly speaking, service-related industries fell by just over 16 million, while goods producers declined by 4.3 million.
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