"Job losses of this scale are unprecedented": U.S. stocks turning in lackluster Performance
Not surprising. The current crisis will force many countries to reconsider their development strategy, unfortunately.
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U.S. Stocks Turning In Lackluster Performance Following Dismal Jobs Data
Following the advance seen in the previous session, stocks have shown a lack of direction over the course of the trading day on Wednesday. The major averages have spent the day bouncing back and forth across the unchanged line.
Currently, the major averages are turning in a mixed performance. While the Dow is down 20.03 points or 0.1 percent at 23,863.06, the Nasdaq is up 94.14 points or 1.1 percent at 8,903.26 and the S&P 500 is up 2.01 points or 0.1 percent at 2,870.47.
The choppy trading on Wall Street comes as traders weigh optimism about some states reopening against some dismal employment data.
Private sector employment nosedived in the month of April, according to a report released by payroll processor ADP.
The report said private sector employment plunged by 20.236 million jobs in April after slumping by a revised 149,000 jobs in May.
Economists had expected employment to tumble by 20.050 million jobs compared to the loss of 27,000 jobs originally reported for the previous month.
ADP noted the report utilizes data through the 12th of the month, the same as the Labor Department's monthly jobs survey, and does not reflect the full impact of COVID-19 on the overall employment situation.
"Job losses of this scale are unprecedented. The total number of job losses for the month of April alone was more than double the total jobs lost during the Great Recession," said Ahu Yildirmaz, co-head of the ADP Research Institute.
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