ADP, Challenger reports show tepid labor market
Meanwhile, the ADP employment report showed the economy shedding 532,000 jobs in May. That was ever-so-slightly worse than the -525,000 forecast of economists polled by Bloomberg. April's reading was revised higher to -545,000 from -491,000. The May decline was the smallest since November.
Bottom line: The labor market still looks tepid/lukewarm, but it's not getting worse.