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‘The Covid-19 recession is over,’ says economist Zandi as May job losses not as bad as feared

From cnbc.com

Finding good news in the loss of another 3 million jobs isn’t easy, but the steep drop in private payrolls for May could be a sign that the worst over. ADP reported Wednesday that companies shed another 2.76 million positions last month. Under normal circumstances, such a report would be considered catastrophic. But these aren’t normal times. Instead, a count that was well below the 8.75 million estimate provided hope that the most severe jobs crisis in U.S. history is about to turn around as an economy battered by the coronavirus pandemic takes its first steps to reopening. “The good news is I think the recession is ... (full story)

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  • Category: Fundamental Analysis