US companies cut 2.76 million jobs in May, less than one-third of what economists expected, ADP says

Business Insider | Jun 3, 2020 at 2:00 AM
  • Employers in May cut millions fewer payrolls than economists expected, potentially signaling that job losses due to the coronavirus pandemic peaked in April.
  • US private payrolls sank by 2.76 million in May.
  • In April, the US lost a record 20.5 million jobs and saw the unemployment rate spike to 14.7%, the highest since the Great Depression.