Job losses probably peaked in April, but the labor market is still reeling, ADP says. Private-sector employment shed a total of 2.76 million jobs in May, ADP says. Economists were expecting a loss of 8.66 million.
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.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Private payrolls decline by 2.76 million in May, ADP says, a much smaller drop than fearedThe reported total was well below the 8.75 million estimate from economists surveyed by Dow Jones. The reason for the wide disparity was not immediately clear.
Lire la suite »
Daily Briefing: Sultans of stimulusDaily Briefing: The beleaguered U.S. dollar got some respite on Thursday as Wednesday’s ADP jobs survey showed 2.8 million jobs being lost, far short of forecasts of 9 million lost
Lire la suite »
New Unemployment Claims Dip Below 2 Million In Sign Job Losses May Be EasingThe Labor Department says about 1.9 million people filed for unemployment last week, but there are some signs that people may be returning to their jobs.
Lire la suite »
New Unemployment Claims Dip Below 2 Million In Sign Pace Of Job Losses May Be EasingThe Labor Department says about 1.9 million people filed for unemployment last week, but there are some signs that people may be returning to their jobs.
Lire la suite »
The May unemployment rate is expected to be near 20% as millions more lost jobsAbout 8 million Americans lost their jobs in May, on top of the 20.5 million in April, and economists see unemployment peaking near 20%.
Lire la suite »
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.
Lire la suite »