Jeff Cox@JEFF.COX.7528@JEFFCOXCNBCCOM
Experts know that finding good news in the loss of another three million jobs isn’t easy, but the steep drop in private payrolls for May could be a sign that the worst over.
On Wednesday morning payroll giant ADP reported that companies shed another 2.76 million positions last month. Under normal circumstances, such a report would be considered catastrophic. But these aren’t normal times.
Surprisingly, the count that was well below the 8.75 million estimate provided hope that the most severe jobs crisis in U.S. history is about to turn around as an economy battered by the coronavirus pandemic takes its first steps to reopening.
Mark Zandi, chief economist at Moody’s Analytics said, “The good news is I think the recession is over, the Covid-19 recession is over, barring another second wave, a major second wave, or real serious policy errors."
More: CNBC.COM