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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.
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