AAPL   323.74 (+0.12%)
MSFT   184.32 (-0.32%)
FB   230.35 (-1.02%)
GOOGL   1,437.28 (-0.35%)
AMZN   2,470.38 (-0.08%)
NVDA   350.36 (-0.75%)
CGC   16.97 (+5.14%)
MU   48.79 (+4.19%)
GE   7.24 (+2.70%)
TSLA   884.69 (+0.36%)
AMD   52.68 (-1.61%)
T   31.54 (+1.78%)
GILD   74.26 (+1.37%)
DIS   121.98 (+2.72%)
NFLX   419.70 (-1.78%)
BAC   26.06 (+4.91%)
AAPL   323.74 (+0.12%)
MSFT   184.32 (-0.32%)
FB   230.35 (-1.02%)
GOOGL   1,437.28 (-0.35%)
AMZN   2,470.38 (-0.08%)
NVDA   350.36 (-0.75%)
CGC   16.97 (+5.14%)
MU   48.79 (+4.19%)
GE   7.24 (+2.70%)
TSLA   884.69 (+0.36%)
AMD   52.68 (-1.61%)
T   31.54 (+1.78%)
GILD   74.26 (+1.37%)
DIS   121.98 (+2.72%)
NFLX   419.70 (-1.78%)
BAC   26.06 (+4.91%)
AAPL   323.74 (+0.12%)
MSFT   184.32 (-0.32%)
FB   230.35 (-1.02%)
GOOGL   1,437.28 (-0.35%)
AMZN   2,470.38 (-0.08%)
NVDA   350.36 (-0.75%)
CGC   16.97 (+5.14%)
MU   48.79 (+4.19%)
GE   7.24 (+2.70%)
TSLA   884.69 (+0.36%)
AMD   52.68 (-1.61%)
T   31.54 (+1.78%)
GILD   74.26 (+1.37%)
DIS   121.98 (+2.72%)
NFLX   419.70 (-1.78%)
BAC   26.06 (+4.91%)
AAPL   323.74 (+0.12%)
MSFT   184.32 (-0.32%)
FB   230.35 (-1.02%)
GOOGL   1,437.28 (-0.35%)
AMZN   2,470.38 (-0.08%)
NVDA   350.36 (-0.75%)
CGC   16.97 (+5.14%)
MU   48.79 (+4.19%)
GE   7.24 (+2.70%)
TSLA   884.69 (+0.36%)
AMD   52.68 (-1.61%)
T   31.54 (+1.78%)
GILD   74.26 (+1.37%)
DIS   121.98 (+2.72%)
NFLX   419.70 (-1.78%)
BAC   26.06 (+4.91%)
Log in

U.S. businesses cut 27,000 jobs in March, before virus hit

Posted on Wednesday, April 1st, 2020 By Christopher Rugaber, AP Economics Writer


In this Sept. 18, 2019, file photo job applicants looks at jobs available at Florida International University during a job fair in Miami. On Wednesday, Jan. 8, 2020, payroll processor ADP reports on how many jobs its survey estimates U.S. companies added in December. (AP Photo/Lynne Sladky, File)

WASHINGTON (AP) — U.S. companies shed 27,000 jobs in March, according to a private survey, a figure that mostly reflected the economy as it stood before the full impact of the viral outbreak.

Payroll processor ADP said small businesses took the biggest hit, losing 90,000 jobs, while medium-sized and large companies still added workers. Economists forecast that much larger job losses, probably in the millions, will be reported in the coming months.

March's figures are the first monthly job loss reported by ADP since Hurricanes Harvey and Irma slammed Texas and much of the southeast in September 2017. Just one month ago, ADP said that businesses gained a solid 179,000 jobs in February.

On Friday, the government will issue its monthly jobs report, which is expected to show a loss of about 150,000 jobs, according to FactSet. That will snap a record-long streak of 113 straight months of hiring.

Mark Zandi, chief economist at Moody's Analytics, which compiles the ADP report, said that the government's April jobs report, which will be released in early May, will probably show unprecedented job losses of roughly 10 million to 15 million, with the unemployment rate likely topping 10%.

In addition to widespread layoffs, hiring has collapsed, which will also drag down the overall job numbers. A Moody's survey of companies that typically finds 40% of firms hiring has fallen to a record low of just 6% of businesses adding jobs, Zandi said.

“Not only are we seeing big layoffs but obviously no one's hiring at this point,” he said.

ADP said that the figures reflect job counts during the week ending March 14, when the number of people seeking unemployment benefits was still largely in check.

The following week, unemployment claims exploded, soaring to 3.3 million, five times the previous record high.

Most of the job losses in the March ADP report were concentrated in a category that includes retail, which cut 37,000 jobs, and in construction, which shed 16,000. Hotels, restaurants and casinos lost 11,000 jobs.

Health care providers were still hiring, adding 44,000 jobs.

Companies Mentioned in This Article

CompanyBeat the Market™ RankCurrent PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
Moody's (MCO)2.3$280.24+1.4%0.80%34.77Buy$267.55

10 Rock-Solid Dividend Paying Stocks to Own

Historically low interest rates have made it difficult over the last decade for income-oriented investors that want to generate safe cash flow for their retirements.

Dividend-paying stocks have become more appealing to income investors because of their competitive yields, the favorite tax treatment that dividends receive and their ability to grow their payouts over time. While fixed interest rates from bond investments will lose purchasing power to inflation over time, the purchasing power of income from dividend growth stocks is more protected because companies tend raise their dividend payments every year.

In this slideshow, we look at ten of the best high-dividend stocks that offer strong yields (above 3.5%), have consistent cashflow and a strong track record of dividend growth. The companies in this slideshow have all raised their dividend every year for the last ten years.

These companies also have low payout ratios (below 75%), meaning that they will have the ability to continue to pay their dividend if their earnings have a temporary dip.

Stock prices will always fluctuate, but the dividends paid by these rock-solid dividend payers should remain secure with moderate earnings growth.

View the "10 Rock-Solid Dividend Paying Stocks to Own".

Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.