Breaking: US ADP Employment Change plunges to -20.2 million in April
|Employment in the US' private sector declined by 20,236,000 in April, the monthly data published by the Automatic Data Processing (ADP) Research Institue revealed on Wednesday. This reading came in slightly worse than the market expectation for a decrease of 20,050,000. Further details of the publication revealed that the March's reading of -27,000 got revised down to -149,000.
Commenting on the data, "job losses of this scale are unprecedented," noted Ahu Yildirmaz, co-head of the ADP Research Institute. "The total number of job losses for the month of April alone was more than double the total jobs lost during the Great Recession."
Market reaction
The US Dollar Index edged higher after this data and was last seen adding 0.25% on a daily basis at 100.05.
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ADP Quick Analysis: Eight years of job gains vanished, official NFP could tank stocks, boost dollar.
Around 20,236 million private-sector jobs vanished in April – and that is only in the private sector, and only through the middle of the month, when the survey was taken. Adding a downward revision for March, from -27K to -149K, the total loss stands at around 20.385 million.
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