U.S. Economic News
June 3, 2020
U.S. Economic Indicators
The ADP Employment Report shows that private-sector employment decreased by 2,760,000 jobs in May, far fewer than consensus expectations; however, the report only utilizes data through the 12th of the month and does not reflect the full impact of COVID-19 in May. The services sector lost 1,967,000 jobs, while the goods-producing sector lost 794,000 jobs. ADP Report
New factory orders for manufactured goods fell 13% in April following an 11% (revised) decrease in March. New orders excluding transportation were down 8.5%, while new orders for nondefense capital goods excluding aircraft fell 6.1%. Census Bureau Report
The ISM Non-Manufacturing Index rose 3.6 points to 45.4 in May, indicating continued contraction in the non-manufacturing sector but at a slower rate than last month. The New Orders Index increased 9.0 points to 41.9, while the Employment Index increased 1.8 points to 31.8. ISM Report
U.S. News
The Wall Street Journal reports that states are facing a surge in improper and fraudulent unemployment claims as they attempt to process unprecedented requests for benefits during the coronavirus pandemic. More than $26 billion in unemployment insurance payments could be wasted as fraudsters take advantage of overwhelmed state processing systems and massive inflows of federal funding. WSJ