<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="U.S. employers cut 2.76 million private payrolls in May, according to a report Wednesday from ADP.” data-reactid=”12″>U.S. employers cut 2.76 million private payrolls in May, according to a report Wednesday from ADP.

Consensus economists expected private sector job losses to total 9 million for the month, according to Bloomberg data.

In April, job losses were reported at a record high of 19.557 million, following downward revisions. April’s private-sector job losses were previously reported at 20.236 million.

Large businesses, or those with 500 employees or more, posted the largest drop in payrolls for May, with these cuts totaling 1.604 million. Medium-sized businesses with between 50 and 499 employees shed 722,000 payrolls, and small businesses cut 435,000 jobs.

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NEW YORK, NEW YORK - MAY 22: A bus driver instructs passengers wearing protective masks during the coronavirus pandemic on May 22, 2020 in New York City. COVID-19 has spread to most countries around the world, claiming over 339,000 lives and infecting over 5.2 million people (Photo by John Lamparski/Getty Images)NEW YORK, NEW YORK - MAY 22: A bus driver instructs passengers wearing protective masks during the coronavirus pandemic on May 22, 2020 in New York City. COVID-19 has spread to most countries around the world, claiming over 339,000 lives and infecting over 5.2 million people (Photo by John Lamparski/Getty Images)
NEW YORK, NEW YORK – MAY 22: A bus driver instructs passengers wearing protective masks during the coronavirus pandemic on May 22, 2020 in New York City. COVID-19 has spread to most countries around the world, claiming over 339,000 lives and infecting over 5.2 million people (Photo by John Lamparski/Getty Images)

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