by Michael Snyder
The Economic Collapse Blog
Yes, you read that headline correctly. The economic downturn of 2008 and 2009 is often referred to as “the Great Recession” because the U.S. had not experienced economic pain of that magnitude since the Great Depression of the 1930s. Millions of Americans lost their jobs, mortgage defaults soared and Wall Street was shaken to the core. But as bad as things were during the last recession, things are even worse now. To say that what we are witnessing is “unprecedented” doesn’t do it justice, because what is happening to the U.S. economy in 2020 is truly, truly horrifying, and many believe that what we have experienced so far is just the beginning.
ADP has been tracking private payrolls in the United States for many, many years, and each month their payroll report is watched very carefully by economists.