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Companies cut 27,000 jobs before the worst of the coronavirus

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Companies reduced payrolls by 27,000 in early March before the worst of the coronavirus-induced economic freeze, according to a report Wednesday from ADP and Moody’s Analytics.

Actual losses for the month were far worse as indicated by the millions of people who already have filed unemployment claims. Wednesday’s report covers the period through March 12.

In total, March probably will show job losses of 10 million to 15 million, said Mark Zandi, chief economist at Moody’s.

Economists surveyed by Dow Jones had forecast a loss of 125,000 jobs. However, the March ADP count as well as Friday’s nonfarm payrolls report cover periods before the government instituted social distancing measures that…



Source cnbc.com

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