US firms cut 20 million jobs in worst ever month for layoffs – business live

Rolling coverage of the latest economic and financial news, as American companies slash payrolls at an unprecedented rateBreaking: US payrolls fall by 20.3m in AprilWorst data on record, by a mileEarlier:UK construction in record slumpGerman factory orders plunged 15.6% in MarchCoronavirus – latest updatesSee all our coronavirus coverage 2.54pm BST The US stock market appears to be shrugging off the dramatic surge in US unemployment.The Dow Jones industrial average is up 0.3% in early trading, gaining 76 points to 23,959. Quite a subdued reaction to the news that Twenty Million Americans lost their jobs last month.“Equity markets seem quite happy about the prospects of factories and shops gearing up for more activity, but confidence, the key ingredient to secure a return to normal, remains elusive. Even though China has now gone weeks without a new case, the COVID19 curves are not flattening everywhere. Indeed, in some US states the trends continue to worsen and there are still lots of unanswered questions about how and why it spreads. “Fresh outbreaks raise the threat of further lockdowns in some parts of the country. More damaging will be delays in restoring confidence to workers and shoppers that more normal activity is safe.Bloomberg News’s analysis found that 20 states that have lifted restrictions don’t meet the White House guidelines for reopening. Many are moving ahead anyway https://t.co/H79gTbdPQx pic.twitter.com/bTwoeW4yGe 2.33pm BST Uber is also permanently close 180 driver service centres as part of its cost-cutting drive, Bloomberg reports:Of the more than 450 driver centers Uber operates worldwide, 40% will shut down. The locations, called Greenlight Hubs, are used to sign people up to drive for Uber, teach them how to use the app and address issues that arise on the job. In March, as the virus was spreading in North America, Uber said it was temporarily closing all hubs in the U.S. and Canada.Dara Khosrowshahi signaled that more “difficult adjustments” would be put forth in the next two weeks. “Days like this are brutal,” he wrote [in an email to employees].Uber will eliminate 3,700 jobs and permanently close 180 driver service centers, the first in a series of cost-cutting measures https://t.co/PxmZFyaizu Continue reading…
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