According to the National Employment Report (ADP) released on Wednesday, the U.S. ADP's non-farm employment change showed 20,236,000 jobs lost in April.
Market expectations indicated a decline of 20,500,000 jobs, and the previous reading recorded a drop of 27,000 in March, after being adjusted upwards to 149,000.
Ahu Yildirimaz, co-chair of the ADP Research Institute, said that "job losses of this magnitude are unprecedented. The total number of job losses for April alone was more than double the total number of jobs lost during the Great Recession."
As known, this report is carefully monitored as it provides evidence on the health of the labor market ahead of Friday's non-farm job figures.
The government's nonfarm jobs report may show that US employers cut 21,400,000 jobs last month, while the unemployment rate rose from 4.4 percent to 16.0 percent.
Meanwhile, the dollar
index, which measures the performance of six major currencies against the US
dollar, rose 0.28 percent at 100.04, while the highest level recorded during
the session was at 100.26 the highest since April 29.