06.05.202012:45:00UTC+00U.S. Private Sector Loses More Than 20 Million Jobs In April

Private sector employment nosedived in the month of April, according to a report released by payroll processor ADP on Wednesday.

The report said private sector employment plunged by 20.236 million jobs in April after slumping by a revised 149,000 jobs in May.

Economists had expected employment to tumble by 20.050 million jobs compared to the loss of 27,000 jobs originally reported for the previous month.

ADP noted the report utilizes data through the 12th of the month and does not reflect the full impact of COVID-19 on the overall employment situation.