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After reporting a record drop in private sector employment in the previous month, payroll processor ADP released a report on Wednesday showing the pace of job losses slowed by much more than anticipated in the month of May.
ADP said private sector employment slumped by 2.76 million jobs in May after plummeting by a revised 19.557 million jobs in April.
Economists had expected employment to tumble by about 9.0 million jobs compared to 20.236 million job nosedive originally reported for the previous month.
