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.
Keep buying those FAANG stocks morons. Technology is so absurdly and ridiculously overvalued it’s scary. AAPL can’t sell phones. Amazon is breaking every antitrust law in the book. Facebook and Google will get sucked back into election fraud and Netflix has seen its best days
Who cares about reality?! As long as the FED and Trump pumps the stock market we’re good. I hope the stock market goes up another 30% this years so I can retire at 32.
Just another example of “winning” under realDonaldTrump winning! TrumpIsTheWORSTPresidentEVER
Government jobs should have done the same
Everyone needs to run out and buy stocks now right before a large portion of the $SPY starting taking reorganized bankruptcy. Come on commoners, you need 2 take up the arse again as happened in 2007-2008 and 2000 and every other time King Pins were destroying their bad economies.
9M from Large businesses! These are the type that aren't coming back!
looks like ADP may need a bailout too
I wonder when the put everyone at risk protesters (or whatever they are called) will change their tune and start protesting against against the fed, bankers, and our government for using all the money during the shutdown to enrich themselves, instead of helping us peasants.
Amazing how media insists the 30 million newly unemployed stay home and STFU. Media knows and are experts. Media still collecting paychecks, healthcare and 401ks while 30 million are fcked.
So, the Paycheck Protection Program which has sent BILLIONS to companies to keep employees ON the Payroll - was an epic failure ? TrumpVirus
What the midget minions federalreserve understand not is that too many in our nation suffers from too many people being germophobe meaning while the typical impoverished COVIDIOT is running around adding 2 infections + death toll, the ones with $'s are not venturing out at all.
Thank You Donald J. Trump.
America will keep stock markets propped up despite the bad news
How many of theses could’ve been prevented if our government simply stayed out of our businesses? They shut a lot of us down!
This can only mean one thing. The stock market will go up.
The continuous Hyper Deflationary Collapse of the economy is completely bullish knowing that Q2 will print a -40% GDP with pre Covid19UK economic 's not returning until late 2021. Totally not baked into the market. Complete collapse is totally bullish. Props 2 federalreserve
-- 'Who da thunk' - Elections have consequences. --
Who says Trump isn’t first in anything?
CNBC has something to be happy about.
And the markets do not move....the federalreserve has made a complete mockery of the entire financial world.EndTheFed GOLD
Bullish
Donald Trump was right, I'm sick and tired of all this winning.
Bullish!
Good job, government.
seanhackbarth Government mandated shutdowns of businesses will do that - why so surprised
meanwhile wall street will be up smh
Yep but expected and pretty much baked into the market right?
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