Despite the recent warmer tidings regarding jobs and the economy, things are far from back to normal, according to figures released Wednesday morning.
Companies trimmed another 2.76 million workers in May as the coronavirus pandemic continued to slice through the U.S. economy, according to a report Wednesday from ADP.
Job losses were especially deep in large businesses, which reported a decline of more than 1.6 million. Manufacturing took one of the biggest hits as the sector lost 719,000 workers.
The reported total was well below the 8.75-million estimate from economists surveyed by Dow Jones. The reason for the wide disparity was not immediately clear.
May’s count also marked a precipitous dropoff from the 19.6 million plunge in April, an estimate that was revised from the initially reported 20.2 million. The April loss was by far the worst in the history of the ADP survey.
U.S. non-farm payrolls are due to roll in Friday for May.
