ADP Employment Change: Coronavirus has cost America more 20 million positions

ADP Non-Farm Payrolls have shown a loss of 20.236 million private-sector jobs in April, Yohay Elam, an analyst at FXStreet, reports.

Key quotes

“Around 20,236 million private-sector jobs vanished in April – and that is only in the private sector, and only through the middle of the month, when the survey was taken. Adding a downward revision for March, from -27K to -149K, the total loss stands at around 20.385 million.” 

“The reaction in financial markets is limited, especially as some estimates stood at -21 million while others were closer to -20 million.  Yet that may change soon.”

“A sell-off in shares and a general risk-off environment may send everybody to the safe-haven dollar, with the yen also potentially coming under attack.”