US Labor Market Appears to Stabilize as Private Payrolls Fall Less Than Expected

US Labor Market Appears to Stabilize as Private Payrolls Fall Less Than Expected
A face mask is seen in front of the New York Stock Exchange (NYSE) at Wall Street in New York City, on May 26, 2020. Johannes Eisele /AFP/Getty Images
Reuters
Updated:

WASHINGTON—U.S. private payrolls fell less than expected in May, suggesting layoffs were abating as businesses reopen, though the overall economy’s recovery from the COVID-19 pandemic will be slow.

The ADP National Employment Report on  June 3 showed private employers laid off another 2.76 million workers last month after a record 19.557 million in April. Economists polled by Reuters had forecast private payrolls dropping by 9 million in May.