Earlier today I commented ADP Reports 20 Million Jobs Lost: A Disaster Comparison Three Ways

This is a followup on losses and percentage losses by corporation size.

Nonfarm Private Payrolls March 2020

Nonfarm private Payroll March 2020

Nonfarm Private Payrolls April 2020

Nonfarm private Payroll april 2020

Change in Nonfarm Payrolls by Company Size

Change in Nonfarm Payrolls by Company Size 2020-04-05


  • Workers at the largest companies got hit the least (13.36%). 
  • Small firms, especially those with 20-49 employees got hit the hardest (21.47%)

The largest firms were the best equipped to offer work at home. 


Also, some large firms like Walmart, Amazon, Kroger, Safeway, and all the food stores were designated critical businesses and stayed open.

Number of Small Businesses

In 2018 the SBA reports there were 30.2 million small businesses with 58.9 million employees. 

Millions of small businesses will go bankrupt over this. 

Inflation or Deflation?

If you believe all this printing will soon result in inflation, you are mistaken. 

For discussion, please see Inflation or Deflation? Collapse in Demand Trumps Supply Shocks

Amusingly, Hyperinflationists Come Out of the Woodwork Again.

Understanding the Problem

The Fed's seriously misguided efforts to force inflation into a system begging for deflation is the problem.

The Problem is Not Deflation, It's Attempts to Prevent It


ADP Forecasts a Big Job Loss in December

ADP is hit or miss on its jobs forecasts but if accurate December will be a bad month.

BLS Business Dynamics Report: Private Sector Job Losses Exceed Gains in 2017 Q3

BLS Business Dynamics Report shows a net loss of private jobs for the third quarter. This has not happened since 2010

Jobs +75,000 vs Employment +113,000: Revisions -75,000

Jobs missed expectations by a mile but were well above the ADP forecast of +27,000. Revisions took the gain away.

Payrolls Exceed Expectations at 250,000 Jobs, Unemployment Rate Steady at 3.7%

The BLS reports jobs expanded by 250,000 vs the Econoday consensus estimate of 190,000 jobs and ADP at 227,000.