ADP National Employment Report: 2,760,000 Jobs Lost in May
Roseland, N.J. (PPD) — The ADP National Employment Report found private sector employment fell by 2,760,000 jobs in May, far less than expected. The loss in April was also less than initially reported and data suggests the peak is behind us.
Forecasts ranged from a low of -11,000,000 to a high of -3,300,000. The consensus forecast was -8,663,000.
“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. “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.”
The April total of jobs lost was revised from -20,236,000 to -19,557,000.
By Company Size
– Small businesses: -435,000
- 1-19 employees -253,000
- 20-49 employees -182,000
– Medium businesses: -722,000
- 50-499 employees -722,000
– Large businesses: -1,604,000
- 500-999 employees -272,000
- 1,000+ employees -1,332,000
By Sector
– Goods-producing: -794,000
- Natural resources/mining -52,000
- Construction -22,000
- Manufacturing -719,000
– Service-providing: -1,967,000
- Trade/transportation/utilities -826,000
- Information -115,000
- Financial activities -196,000
- Professional/business services -250,000
– Professional/technical services -221,000
– Management of companies/enterprises -70,000
– Administrative/support services 40,000 - Education/health services -168,000
– Health care/social assistance -333,000
– Education 166,000 - Leisure/hospitality -105,000
- Other services -307,000
* Sum of components may not equal total, due to rounding.
– Franchise Employment**
- Franchise jobs -254,100
**Complete details on franchise employment can be found here.
