Private companies shed 2.8 million U.S. jobs last month, according to a report from payroll processor ADP and Moody’s Analytics.
Why it matters: It’s way less than the nearly 9 million private sector jobs economists estimated would be lost in May, suggesting layoffs during the coronavirus crisis could be slowing sooner than Wall Street expected.
Between the lines: The job losses are still huge (over 3 times worse than the record seen before pandemic crushed the labor market), but way less than the revised 19.6 million historic job losses seen in April.
Weekly applications for unemployment have tapered off from the record highs in recent weeks, but remain historically high, and in the millions. But that data only captures those who are laid off and