Welcome to the Jill on Money, Corona virus Market Update.

We're recording this actually on Wednesday morning because a private payroll report just came out that is so stunning that I wanted to

capture just what a big deal this is. It's going to drop in your feed Thursday morning.

I promised you that these few days would be really heavy duty

data around the job situation and it's not looking good. So let me just tell

you that private payrolls, this is a report that comes out every month,

always two days before the government's report, private payrolls fell by more than 20 million

in April.

It's the worst drop since ADP created this survey back in the early 2000s.

Unbelievable numbers. I'm not saying that they were unexpected, but it's insane. 20,236,000 jobs lost in one month. Oh my God, the

previous record was about 835,000 in February of 2009. So 835,

835,000 20 million. We've never seen anything like this. It takes your breath away and there are many economists

who believe that this understates the damage done. It understates it. So we're going to have to see how this all shakes out. We know that

April numbers are going to be terrible. May numbers are going to be

terrible. And this morning, this is because you're listening to this on

Thursday, we're going to get another

week of jobless claims they're going to be another few million who are claiming for

unemployment and we're going to think that that's a good news

unbelievable to me that that's where we are and then on Friday morning we get the

monthly Labor Department report 20 to 25 million jobs likely lost the

unemployment rate is going to be somewhere around 15 to 18 percent that's the expectation

gosh it is it does take your breath away so that's where we are a pretty crappy

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