Private sector shed 2.76 million jobs in May, ADP says, far less than forecast

The numbers: Private-sector employment shed a total of 2.76 million jobs in May, Automatic Data Processing Inc. reported Wednesday. The gain was well below forecasts from economists surveyed by Econoday who expected a loss of 8.66 million. In April, the private sector shed 19.56 million jobs.

What happened: Small employers lost 435,00 jobs in May. Midsize companies shed 722,000 jobs. And large businesses, with 500 employees or more, axed 1.6 million. The service producing sector lost 1.97 million jobs, while manufacturing shed 719,000 jobs.Big picture: The ADP data hasn’t lined up with government data since the pandemic began in March. Economists surveyed by MarketWatch expect the economy lost an additional 7.4 million jobs in May after losing 21 million in March and April.

What ADP says: “While the labor market is still reeling from the effects of the pandemic, job loss likely peaked in April, as many states have begun a phased reopening of businesses,” said Ahu Yildirmaz, co-head of the ADP Research Institute. What economists were saying: “This suggests that the re-hiring of people in states beginning to reopen was very substantial, even though reported job postings on Indeed fell further between the two surveys. Presumably, most people were simply rehired by email, text or phone call.

Market reaction: Stocks continued to push higher on optimism over the coronativus. The Dow Jones Industrial Average DJIA, +0.04% is now up 40% from its mid-March low and the S&P 500 index SPX, -0.33% is only 8% below its record close in mid-February.

jasonrapert Faith leaders who do not denounce Trump are FAKE.

In what has become one of the most perplexing rallies the major stock indices have now posted their best two-month performance in 30 years. The gains have now cemented recovery from one swiftest and sharpest bear market on record.

In other words: a crap ton of minimum wage jobs that pay less than unemployment when you include the Bernie2020 bonus. Instead of extending a finite resource, he incentivized staying out of the workforce, behaving exactly as nitwit Trump voters would have guessed Biden2020

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

U.S. labor market stabilizing as layoffs abateU.S. private payrolls fell less than expected in May, suggesting layoffs were abating as businesses reopen, though the overall economy's recovery from the COVID-19 pandemic will be slow. Thanks fucking ridiculous Good sign
Source: Reuters - 🏆 2. / 97 Read more »