Home 2020 “Virus Recession Is Over” Job Losses Less Than Feared

“Virus Recession Is Over” Job Losses Less Than Feared

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US private payrolls fell less than expected in May, suggesting layoffs were abating as businesses reopen, though the overall economy’s recovery from the C-19 coronavirus chaos will be measured.

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

25-M private jobs were lost over the past 3 months. The ADP report is jointly developed with Moody’s Analytics.

The COVID-19 recession is over, barring a second wave of infections or policy error,” Mark Zandi, Moody’s Analytics chief economist told reporters. “But recovery will be a slog until there is a vaccine.”

Mr. Zandi said there was no evidence yet the government’s Paycheck Protection Program (PPP) was helping the labor market. The PPP, part of a historic fiscal package worth nearly $3-T, offers businesses loans that can be partially forgiven if they are used for employee pay.

Have a healthy day, Keep the Faith!

DIA, SPY, SPX, QQQ, RUTX, VXX, PPP, loans, business, ADP, C-19, virus, recession, jobs,

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Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.