Grim new U.S. employment data on Wednesday underscored the coronavirus’ staggering economic toll, and highlighted the tough path states and businesses face as lockdowns are eased with infections still on the rise.
Earlier in the day, ADP reported that private payrolls plunged by a record 20.2 million in April, another piece of evidence that the world’s largest economy is in dire shape amid tough restrictions on public movement and activity. The numbers add to the shock of a record-breaking 6-week streak of weekly unemployment claims, now totaling more than 30 million, in the past six weeks.
“Job losses of this scale are unprecedented. The total number of job losses for the month of April alone was more than double the total jobs lost during the Great Recession,” said Ahu Yildirmaz, co-head of the ADP Research Institute.
The COVID-19 crisis has risen to nearly 3.7 million confirmed cases, and is nearing