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Thursday, August 6, 2020
HomeNewsEconomyPrivate Sector Employment Down Far Less than Expected in May, Peak Losses Behind Us

Private Sector Employment Down Far Less than Expected in May, Peak Losses Behind Us

Job Loss theme with viruses and downward stock price charts. (Photo: AdobeStock)

ADP National Employment Report: 2,760,000 Jobs Lost in May

Job Loss theme with viruses and downward stock price charts. (Photo: AdobeStock)
Job Loss theme with viruses and downward stock price charts. (Photo: AdobeStock)

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.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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