Economic analysts had forecast another month of job losses around 9 million; however, the ADP payroll report shows a much better result with 2.76 million jobs lost in May. The surprising difference between expectations and results is giving increased hope a quicker rebound may be possible.
The ADP results were so much better than expected that White House economic advisor Kevin Hassett said he has to check the data twice. The data was released while Hassett was in the middle of an interview with Maria Bartiromo on Fox Business.
The key is getting rid of these nonsensical shut-down rules. As the lack of social distancing concern amid the protests has shown, the shut-down fears, rules and regulations are over-hyped and baseless. However, the blue state governors continue to fight economic re-engagement as they look to maximize negative economic impact for political gains.