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U.S. Private Sector Sheds 2.76 Million Jobs in May: ADP

Economic IndicatorsJun 03, 2020 08:18AM ET
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© Reuters.

By Noreen Burke

Investing.com - The U.S. private sector shed another 2.76 million jobs in May, according to a report by payrolls processor ADP, indicating that it could take the economy a while to rebound as businesses reopen.

Analysts polled by Investing.com had expected the private sector to have shed 9 million jobs last month.

April’s figure was revised to show job losses of 19.55 million from the decline of 20.23 million that was initially reported.

“The impact of the COVID-19 crisis continues to weigh on businesses of all sizes,” said Ahu Yildirmaz, cohead of the ADP Research Institute. “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.”

The ADP numbers come ahead of the Labor Department's nonfarm payrolls report for May on Friday, which includes both public and private-sector employment.

That report is expected to show that the unemployment rate rose to around 20% last month with employers forecast to have cut 8.25 million jobs, compared with the record 20.5 million jobs lost in April.

Ahead of that, Thursday’s jobless claims report is expected to show another surge of new claims for unemployment benefits.

Claims have declined steadily since hitting a record 6.86 million in late March, but have not registered below 2 million since mid-March.

A record 40.76 million people have filed claims since March 21. The economy created 22 million jobs during the employment boom which started in September 2010 and abruptly ended in February this year.

--Reuters contributed to this report

U.S. Private Sector Sheds 2.76 Million Jobs in May: ADP
 

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Comments (19)
varun garg
varun garg Jun 03, 2020 12:47PM ET
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won't a loss of 20 million jobs result in gdp contraction of 2 trillion or 10% of gdp considering avg income of 100000 per employee and his/her family
Craig Joseph
Craig Joseph Jun 03, 2020 9:43AM ET
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Most of the country is just now opening back up. All of my neighbors have now gone back to work. People are out spending money like there is no tomorrow. I, for one, am not putting a lot of stock in the May numbers. June is going to give a much better idea how the recovery from COVID-19 will materialize. My brother's manufacturing business has begun to receive orders inline with last year for delivery in late June. Until now orders were decreased compared to the same time last year.
John Doe
John Doe Jun 03, 2020 9:43AM ET
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Lol that's a load of bull
Craig Joseph
Craig Joseph Jun 03, 2020 9:43AM ET
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John Doe  It certainly could be. It is my opinion. You can take it or leave it.
Craig Joseph
Craig Joseph Jun 03, 2020 9:43AM ET
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John Doe  I am sure there is reason you go by John Doe!
perplexed76 .
perplexed76 . Jun 03, 2020 9:33AM ET
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6 millions are busy in riots
LI SH
LI SH Jun 03, 2020 9:33AM ET
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It will pass , don’t worry
perplexed76 .
perplexed76 . Jun 03, 2020 9:33AM ET
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LI SH  we hope hope!
Bilbo Biggun
Bilbo Biggun Jun 03, 2020 9:25AM ET
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"sheds" - Well, glad we got rid of those pesky job and ******* Can't wait to see how much GDP we shed!
Aaron Dade
Aaron Dade Jun 03, 2020 9:14AM ET
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We only lost 2.76 million jobs...not 9 million. Honestly, the market is treating this like a natural disaster event and not an economic crisis event. This is a "Too big to Fail" type event and not Hurricane Katrina.
Boyoung Schang
Boyoung Schang Jun 03, 2020 9:11AM ET
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Buy high, sell low!
Sam Iam
Sam Iam Jun 03, 2020 9:03AM ET
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Need to cut out the hoax virus lockdown and get people back to work. No social distancing for the thousands who were outside. All they got was angry and no virus to be found.
James Johnson
James Johnson Jun 03, 2020 9:03AM ET
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My aunt literally died of covid-19 in february. Is the virus a hoax? No. Im sure the government has exaggerated some things though.
Tre Hsi
Tre Hsi Jun 03, 2020 8:54AM ET
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Make America Poor Again!  Trump 2020!
Haresh Chandwani
Haresh Chandwani Jun 03, 2020 8:50AM ET
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Oh that must be good news for the markets. I'm sure it must have expected a much much higher number.. Now celebrate your unemployments!
Samuel Ajobo
Samuel Ajobo Jun 03, 2020 8:49AM ET
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They will push all this indices to ATH. Notice however they manipulate the forecasts lol. Guess what last week Unemployment rate was 14.7%, guess what the forecast is for May 19.8%? All they do is try elevate the forecasts to look good and keep propping the market up! Just be careful as you enjoy ATHs in indices
Samuel Ajobo
Samuel Ajobo Jun 03, 2020 8:49AM ET
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Notice how**
Ram Kumar
Ram Kumar Jun 03, 2020 8:46AM ET
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Rocket dont stop for anybody..hop in till we crash....
David Knight
David Knight Jun 03, 2020 8:42AM ET
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trump has withheld info since private industry. dont believe anything. Republicans believe in small gov and free economics. trump did the opposite. never believe trump.
Mohamed Gamal Rabeea
Mohamed Gamal Rabeea Jun 03, 2020 8:37AM ET
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This will make Euro/USD GO DOWN TODAY
Jun Li
Jun Li Jun 03, 2020 8:36AM ET
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I don’t see why this is a good news. These are changes, not level. We are worse than April.
Mart Bab
Rubberduck1973 Jun 03, 2020 8:30AM ET
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Up up up we go
Pietro Rosato
Pietro Rosato Jun 03, 2020 8:25AM ET
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so we are at U3 of 40M and a U6 of at least 50M unemployed or underemployed and the markets go up again.
David Ganser
David Ganser Jun 03, 2020 8:25AM ET
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market participants believe the usa will recover, and that a more stable government will come into power soon.
Christoph Willywonka
Christoph Willywonka Jun 03, 2020 8:25AM ET
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David Ganser , yeah the Chinese
Bilbo Biggun
Bilbo Biggun Jun 03, 2020 8:25AM ET
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Christoph Willywonka  laugh laugh laugh..... cry
Matt Kay
Matt Kay Jun 03, 2020 8:25AM ET
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Bullish of course! Glorious capitalism will force remaining workers to improve their output
James Duke
James Duke Jun 03, 2020 8:24AM ET
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Need to fix that first paragraph, 2.76m and far off the record of 19m plus last month.
Jun Li
Jun Li Jun 03, 2020 8:19AM ET
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27.6 m or 2.76 m?
Tom Pu
Tom Pu Jun 03, 2020 8:19AM ET
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2.76
Samuel Ajobo
Samuel Ajobo Jun 03, 2020 8:19AM ET
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2.76
John Dziura
John Dziura Jun 03, 2020 8:19AM ET
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2.76m compared to a 9m expectation this month. 20m last month
Jason Dillon
Jason Dillon Jun 03, 2020 8:19AM ET
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waiting for the correction to the article
Pirama Kandaswamy
Pirama Kandaswamy Jun 03, 2020 8:19AM ET
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Total of 40.76 million, ie; quarter of total jobs. Inspite of this Market is ignoring. Discounting, factoring in & merrily trying to reach moon
 
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