Wednesday, June 03, 2020

ADP: Private Employment decreased 2,760,000 in May

by Calculated Risk on 6/03/2020 08:20:00 AM

From ADP:

Private sector employment decreased by 2,760,000 jobs from April to May according to the May ADP National Employment Report®. The report utilizes data through the 12th of the month. The NER uses the same time period the Bureau of Labor and Statistics uses for their survey. As such, the May NER does not reflect the full impact of COVID-19 on the overall employment situation.

Broadly distributed to the public each month, free of charge, the ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.
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“The impact of the COVID-19 crisis continues to weigh on businesses of all sizes,” said Ahu Yildirmaz, cohead of the ADP Research Institute. “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.”
This was well above the consensus forecast for 9,000,000 private sector jobs lost in the ADP report.

The BLS report will be released Friday, and the consensus is for 8,250,000 non-farm payroll jobs lost in May.