America: Job losses in April likely topped 22 million
- The United States appears to have lost more than 20 million jobs in April, but even such a shockingly large increase might understate the destruction wrought by the coronavirus on the labour market.
- The large payroll processor ADP on Wednesday reported a 20.2 million decline in employment in April among the nation’s privately run companies. Small businesses, hotels, restaurants and retailers were especially hard hit.
- The government is expected to report a similarly large wipeout on Friday with the official employment report for April.
- Economists polled by MarketWatch predict 22 million jobs were eliminated last month, at least temporarily. And the unemployment rate is seen rocketing up to 15% from a 50-year low of only 3.5% two months ago.