U.S. labor market appears to stabilize as private payrolls fall less than expected

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Stocks open higher today after a better than expected report on private payrolls and B. R. Scott Horsley reports the Dow Jones industrial average jumped more than two hundred points in early trading the report from payroll processor ADP shows private employers cut two point eight million jobs last month by ordinary standards that would be disastrous but it's not nearly as bad as the nine million jobs that forecasters have been expecting the ADP report is seen as possibly foreshadowing the official job market snapshot from the labor department later this week more than twelve million people filed initial claims for unemployment between April and may but the eighty P. reports suggest a substantial share of laid off workers are being re hired as businesses begin to reopen the unemployment rate for may is still expected to climb to levels not seen since the nineteen

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