U.S. Businesses Estimated to Have Shed 2.7 Million Jobs in May, Far Fewer Than Expected

Economists had estimated the ADP private payrolls figure to show a loss of between 3.3 million and 11 million, according to Econoday. The median estimate was for a loss of 8.6 million jobs.

April’s payroll figure was revised to show a smaller job loss, 19.6 million instead of the earlier reported 20.2 million.

The report suggests the labor market may be healthier than it has looked to many economists. It is possible that businesses kept many workes on in anticipation of reopening in May or hired workers back.


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