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U.S. shed 27,000 jobs in early March, industry report says

U.S. shed 27,000 jobs in early March, industry report says
Fisherman's Wharf, a prime tourist area in San Francisco, Calif., is seen Monday closed and vacant due to restrictive orders by state officials to stem the spread of the coronavirus. Photo by Terry Schmitt/UPI | License Photo

April 1 (UPI) -- U.S. companies eliminated more than 27,000 jobs last month before the major impact of the coronavirus emergency, analysts said in a report Wednesday.

ADP and Moody's Analytics said in their analysis that was the total number of losses in the United States up to March 12, before most social distancing and stay home orders took effect.

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Small businesses saw most of the losses, while medium and large businesses saw some gains.

"It is important to note that the ADP National Employment Report is based on the total number of payroll records for employees who were active on a company's payroll through the 12th of the month," Ahu Yildirmaz, co-head of the ADP Research Institute, said.

"This is the same time period the Bureau of Labor and Statistics uses for their survey. As such, the March [report] does not fully reflect the most recent impact of COVID-19 on the employment situation, including unemployment claims reported on March 26."

The Labor Department will issue its monthly jobs report on Friday. Expects estimate it will reflect an unemployment rate near 3.7 percent, after it hovered at historic lows for many months.

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Pandemic empties streets, public spaces around the world

Playground equipment is closed off to children to help stop the spread of COVID-19 at a park in Takoma Park, Md., on April 15. Photo by Kevin Dietsch/UPI | License Photo

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