Last month, ADP projected a net loss of private-sector jobs in May of about 2.7 million, part of the expected damage from the COVID-19 shutdowns. The Bureau of Labor Statistics’ official jobs report, however, showed a net gain of 2.7 million, a figure so large and so far off from ADP’s report that a few thought BLS had cooked the books. As more economic measures emerged, however, it became clear that the economy had actually rebounded in May.
Did it continue its rebound in June, however? ADP’s report for June shows a net gain of 2.37 million, a vast change from its pessimistic take on May. More accurately, it’s a big change from its original May report. ADP announced today that they have revised that report by, oh … nearly six million jobs.
Perhaps they can supply some Dramamine with it to deal with turbulence: