Roughly 2.8 million jobs in the private sector disappeared in May amid the ongoing coronavirus pandemic, according to the latest ADP national employment report.
However, the private sector in May lost far fewer jobs than expected, with economists surveyed by Refinitiv forecasting a loss of nine million last month, CNN reported.
Nevertheless, all segments experienced decimation in May with large businesses with 500 employees or more accounting for more than half — or 1.6 million — of the jobs lost.
“The impact of the COVID-19 crisis continues to weigh on businesses of all sizes,” said Ahu Yildirmaz, co-head of the ADP Research Institute, CNN reported. “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.”