Wednesday, May 06, 2020

ADP: Private Employment decreased 20,236,000 in April

by Calculated Risk on 5/06/2020 08:21:00 AM

From ADP:

ADP National Employment Report: Private Sector Employment Decreased by 20,236,000 Jobs in April; the April NER Utilizes Data Through April 12 and Does Not Reflect the Full Impact of COVID-19 on the Overall Employment Situation

Private sector employment decreased by 20,236,000 jobs from March to April according to the April ADP National Employment Report®. ... The report utilizes data through the 12th of the month. The NER uses the same time period the Bureau of Labor and Statistics uses for their survey. As such, the April NER does not reflect the full impact of COVID-19 on the overall employment situation
...
“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. “Additionally, it is important to note that the report is based on the total number of payroll records for employees who were active on a company’s payroll through the 12th of the month. This is the same time period the Bureau of Labor and Statistics uses for their survey.”
This was close to the consensus forecast for 20,000,000 private sector jobs lost in the ADP report.

The BLS report will be released Friday, and the consensus is for 21,000,000 non-farm payroll jobs lost in April.