ADP reports another 2.76 million job losses in May vs. 8.75 million expected.

  • The loss follows a plunge of 19.6 million in April, the worst in the survey’s history.
  • Job losses were especially deep in large businesses, which reported a decline of more than 1.6 million.
  • Manufacturing took one of the biggest hits as the sector lost 719,000 workers.
  • The report precedes the Labor Department report due on Friday. Economists expect that Friday’s figure, which includes government workers, will show a decline of 8.33 million that would push the unemployment rate up to 19.5% from April’s 14.7%.