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.
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