ADP: Over 2 Million Jobs Lost in May

The non-farm private sector lost 2,760,000 jobs in May, according to the ADP National Employment Report. This follows a revised April decline of 19,557,000 jobs.

Small businesses with fewer than 50 employees lost 435,000 jobs. Medium-sized businesses with 50-499 employees lost 722,000, while large businesses lost 1,604,000 jobs.

“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.”

Service-providing employment led the decline with 1,967,000 jobs lost, driven by the Trade/transportation/utilities and Professional/business services industries, which lost 826,000 and 250,000 jobs respectively.

Goods-producing employment declined by 794,000 jobs. The manufacturing and construction industries declined 719,000 and 22,000 jobs respectively. Natural Resources/mining employment decreased by 52,000 jobs.

Read the ADP report.