Stock market news today: US stocks try for three straight days of gains

American private-sector payrolls fell by 20.2 million jobs in April, the worst month on record, according to the ADP National Employment Report.

ADP has been reporting private-sector payrolls each month since 2002.

The losses were broad-based across small-, medium- and large-sized businesses as the coronavirus pandemic swept across the country and forced companies to shut down. The services sector was hit the hardest: 16 million service jobs were lost last month.

“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 ADP report comes two days before the US Bureau of Labor Statistics’ jobs report, which is expected to paint an equally bleak picture of the American labor market during the pandemic. Economists polled by Refinitiv predict 21.85 million jobs were lost in April, bringing the US unemployment rate to 16%.

Source link