Private sector job losses in May suggest layoffs have peaked

The ADP private sector jobs report for May released this morning suggests that while job losses are still at intolerably high levels, job losses may have peaked.

The private sector cut 532,000 jobs in May, following a revised 491,000-job-loss in April, according to data compiled in the ADP National Employment Report (pdf).

In fact, ADP characterized the job loss trend as "a notable improvement over the first three months of the year, when the [private sector] losses averaged 691,000."