Private-sector employment shed a total of 2.76 million jobs in May, Automatic Data Processing Inc. reported Wednesday. The gain was well below forecasts from economists surveyed by Econoday who expected a loss of 8.66 million. In April, the private sector shed 19.56 million jobs.
Small employers lost 435,00 jobs in May. Midsize companies shed 722,000 jobs. And large businesses, with 500 employees or more, axed 1.6 million. The service producing sector lost 1.97 million jobs, while manufacturing shed 719,000 jobs. Continue reading.