On Wednesday, the 6th May 2020, the US private payroll data for April released by ADP National Employment Report had shown an indentation of unfathomable scale what analysts said would likely to leave a deeper scar on US economy, even though a larger part of non-essential businesses of the world’s No.
1 economy had re-opened this week. According to Wednesday’s (May 6th) US private payroll report, US private employers had shredded off a record 20.236 million jobs last month as the forced business closure measures adopted by the Trump Administration aimed at containing the pandemic outbreak had laid off the groundwork of a historic job loss last month.
Meanwhile, as the US economy died out more than 30 million jobs since March 21st taking account of Wednesday’s (May 6th) private payroll data, adding that the excruciating figures were widely anticipated since roughly a fifth of US workers were fired over the course of past one month and a half, a Chief Economist at MUFG in New York, Chris Rupkey said followed by the reveal of US private payroll data on Wednesday (May 6th), “One thing for sure is that this pandemic health crisis has produced depression-magnitude job losses which means this recovery is going to take longer than many are thinking.
The Great Depression lasted three and a half years, and it will be a miracle if the economy gets anywhere near back to normal within the next couple of years,” suggesting a blistering possibility of a longer-than-expected US recession.