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 and could be another sign that the worst of the coronavirus-related layoffs is over.
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May’s loss is “obviously an awful number, but not as catastrophic as expected,” said Mark Zandi, chef economist at Moody’s Analytics, which compiles the report with ADP.
