Employment Business in the U.S. is Shrinking Much Less Than Last Month
Employment in the U.S. corporate sector shrank much less sharply in May than a month earlier, and also much less sharply than economists expected.
According to payroll processor ADP, the contraction amounted to nearly 2.8 million jobs. Economists had generally anticipated a decline of 9 million jobs.
The April figure was revised to a decline of nearly 20 million jobs, from a previously reported drop of 20.2 million jobs. That was the strongest shrinkage ever measured by ADP.
Due to the coronavirus outbreak and measures to combat the infectious disease, many companies in the United States are closed, and staff are being massively expelled.
Tens of millions of Americans have already lost their jobs. Restrictive measures are now being relaxed, weakening job losses.