Private companies cut 27,000 jobs before a majority of the shutdowns for the coronavirus pandemic hit the U.S., according to an analysis by ADP and Moody’s Analytics that was published Wednesday.

ADP's and Moody Analytics’s report found the unemployment claims numbers only scratch the surface in showing the job loss Americans faced in March. The number of private-company jobs cut was only counted through March 12, before shutdowns began happening.

Mark Zandi, the chief economist at Moody’s, told NBC that March’s job losses will likely be between 10 million and 15 million.

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Economists surveyed by Dow Jones had previously predicted a loss of 125,000 jobs, but this analysis and Friday’s non-farm payrolls report covers the time before governments began enacting executive orders enforcing social distancing.

Small businesses cut 90,000 jobs in this time period, with 66,000 of those in businesses with 25 employees or less. Midsize and large employees gained 7,000 and 56,000 jobs, respectively, according to the analysis.

The transportation and utilities sector experienced the most loss at 37,000 jobs, followed by construction at 16,000 and administrative and support at 12,000. Overall, the analysis found the service industry lost 18,000 jobs and the goods-producing industry lost 9,000.

The documented loss comes after ADP reported a gain of 179,000 jobs in February.

The only real-time measure of the pandemic’s impact on the job market is the unemployment claims count. More than 3 million people filed for unemployment two weeks ago, and last week’s number to be released Thursday is expected to be similar.

The St. Louis Federal Reserve has predicted the most drastic job loss, with as many as 47 million layoffs and an unemployment rate reaching 32 percent, but many other forecasts do not reach this high.

The numbers come ahead of Friday's official March jobs report from the Bureau of Labor Statistics, which will also feature numbers that mostly happened before the pandemic had fully engulfed the nation.