Private payrolls fell by 2.76 million in May, according to ADP.
Companies trimmed another 2.76 million workers in May as the coronavirus pandemic continued to slice through the U.S. economy, according to a report Wednesday from ADP.
May's loss is "obviously an awful number, but not as catastrophic as expected," said Mark Zandi, chef economist at Moody's Analytics, which compiles the report with ADP. May's count also marked a precipitous drop-off from the 19.6 million plunge in April, an estimate that was revised from the initially reported 20.2 million. The April loss was by far the worst in the history of the ADP survey.
The report is done in conjunction with Moody's Analytics and serves as a precursor to the monthly nonfarm payrolls report in two days from the Labor Department. Economists expect that Friday's figure, which includes government workers, will show a decline of 8.33 million that would push the unemployment rate up to 19.5% from April's 14.7%.
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