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6/3, 2:15 PM (Source: TeleTrader)
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ADP: US private payrolls fall by 2.76M in May

The number of jobs in the private sector in the United States fell by 2.76 million in May, according to the ADP National Employment Report released on Wednesday. The drop was much smaller than analysts anticipated amid the coronavirus lockdowns.

Large companies reduced their number of employees most as 1.6 million jobs were lost. Meanwhile, jobs in medium businesses were down by 722,000 million and small businesses slashed 435,000 million jobs.

The service sector was the most impacted in May with jobs dropping 1.97 million jobs compared to April, mostly of which were in trade, transportation and untilities. Meanwhile, the number of jobs in the good-producing businesses declined by 794,000.

Breaking the News / NP