The Number Of Jobs Lost In April Was More Than Double The Total Number Of Jobs Lost During The Last Recession by for The Economic Collapse Blog
Yes, you read that headline correctly. The economic downturn of 2008 and 2009 is often referred to as “the Great Recession” because the U.S. had not experienced economic pain of that magnitude since the Great Depression of the 1930s. Millions of Americans lost their jobs, mortgage defaults soared and Wall Street was shaken to the core. But as bad as things were during the last recession, things are even worse now. To say that what we are witnessing is “unprecedented” doesn’t do it justice, because what is happening to the U.S. economy in 2020 is truly, truly horrifying, and many believe that what we have experienced so far is just the beginning.
ADP has been tracking private payrolls in the United States for many, many years, and each month their payroll report is watched very carefully by economists.
Prior to this year, the worst month in the history of the ADP report was in February 2009 when 834,665 jobs were shed from U.S. private payrolls. Needless to say, that old record just got completely shattered…
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Private payrolls hemorrhaged more than 20 million jobs in April as companies sliced workers amid a coronavirus-induced shutdown that took most of the U.S. economy offline, according to a report Wednesday from ADP.
In all, the decline totaled 20,236,000 — easily the worst loss in the survey’s history going back to 2002 but not as bad as the 22 million that economists surveyed by Dow Jones had been expecting. The previous record was 834,665 in February 2009 amid the financial crisis and accompanying Great Recession.
So what this means is that the number of private payroll jobs lost in the United States last month was more than 24 times greater than the previous all-time record.
In fact, the number of private payroll jobs lost last month was more than double the total number of jobs lost during the last recession…
“Job losses of this scale are unprecedented,” said Ahu Yildirmaz, co-head of the ADP Research Institute, which compiles the report in conjunction with Moody’s Analytics. “The total number of job losses for the month of April alone was more than double the total jobs lost during the Great Recession.”
We have never seen an unemployment spike like this ever before, and we may never see a spike quite like it ever again.
Of course there are some people out there that have been quick to remind me that many of these job losses are “temporary” and that millions of Americans will soon be going back to work.
