US lost 20.2 million private sector jobs, 81 per cent global workforce impacted

In a new data analysis, more than 20.2 million jobs were slashed by businesses in United States as ecomic turmoil was wrought by global coronavirus pandemic shutting offices, factories, schools, construction sites, and stores, as per reports. This led to collapse of employed sector in “recession of historic proportions” that caused tragic depth and scale of job losses in April as per  payroll company P. 

Chief ecomist at Moody's Analytics, Mark Zandi, was quoted as saying that job losses due to health crisis that left ecomy in world unscad will continue through to May.  He ded that recovery hiring, however, will shoot up in months to follow.

Despite dip in employment, US stocks pushed higher at open, with Dow rising by 0.4 per cent amid widespre business operations shutdowns as a containment effort to COVID-19 outbreak. With a startling 6.6 million people that sought unemployment stimulus benefit only in past week, United States reached a grim landmark with  largest and fastest string of job losses in records dating to 1948, US media reported.  

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195 million full-time jobs at risk

According to United Nations’ labour organization, an equivalent of 195 million full-time jobs could be lost in second quarter to business shutdowns, which estimates 25 million surges in global unemployment by 2020 end. Reports suggest global lockdown has affected approximately 2.7 billion workers — about 81 per cent of global workforce. 

"Job losses of this scale in US are unprecedented. total number of job losses for month of April alone was more than double total jobs lost during Great Recession," Ahu Yildirmaz, co-he of P Research Institute, said in a statement, as per a news ncy report. 

Losses were widespre, that comprised of small-scale businesses which accounted for more than 6 million lost jobs. Followed by mid-sized businesses with between 50 and 499 employees that shed more than 5.2 million positions, and finally large businesses with more than 500 employees which h to drop nearly 9 million jobs due to pandemic, according to media reports.  

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(With AP Inputs)