It’s Not Clear to Me How This Is Consistent with a -1.1% Second Quarter GDP Number

Kathleen Madigan:>ADP Reports 532,000 Private-Sector Job Losses : Private sector jobs in the U.S. fell by 532,000 slots in May, according to a national employment report published Wednesday by payroll giant Automatic Data Processing Inc. and consultancy Macroeconomic Advisers. The expected loss is less than the 550,000 drop forecast by economists in a Dow Jones Newswires survey.>The ADP survey tallies only private-sector jobs while the U.S. Bureau of Labor Statistics’ nonfarm payroll data, to be released Friday, include government workers. Economists surveyed by Dow Jones Newswires expect that the BLS will report May job cuts totaling 525,000, on top of a 539,000 loss in April. The May unemployment rate is projected to rise to 9.2%. “Despite some recent indications that economic activity is stabilizing, employment, which usually trails overall economic activity, is likely to decline for at least several more months, although perhaps not as rapidly as during the last six months,” said Joel Prakken, chairman of Macroeconomic Advisers…

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