U.S. businesses cut 27,000 jobs in March, before virus hit

Posted at 6:35 AM, Apr 01, 2020
and last updated 2020-04-01 09:35:11-04

U.S. companies shed 27,000 jobs in March, according to a private survey, a figure that mostly reflected the economy as it stood before the full impact of the viral outbreak.

Payroll processor ADP said small businesses took the biggest hit, losing 90,000 jobs, while medium-sized and large companies still added workers.

Economists forecast that much larger job losses, probably in the millions, will be reported in the coming months.