Today’s Top Stories From the Breitbart News Desk

[Maganomics]( Today’s Top Stories From the Breitbart News Desk The private payrolls figure from ADP and Moody’s Analytics came in much better than expected today, showing job losses of only 2.7 million. That’s much lower than the consensus forecast. In fact, it is so low that it is below even the most optimistic projections. So what does it mean? It may just be an error. The swift shocks to the economy caused by the sudden mandatory closings, stay-at-home orders, and lumpy reopenings may have made the models ADP used to create the estimate less accurate. Alternatively, it may be that the reopenings that began as early as late April in some places and spread to all 50 states in May kept employment far more intact than expected. And don’t forget the huge amount of government aid that went out to convince businesses not to lay off workers or to hire them back quickly. The unprecedented events the pandemic triggered have made it hard to know which is more likely. An answer is likely to come on Friday when the government issues its official Employment Situation report showing how many jobs were lost in May and how high unemployment climbed. But even those numbers might be unreliable, at least in initial reports, because of unique pandemic-shutdown-reopening factors. The stock market, for its part, seems convinced that all news is good news, at least for now. – Alex Marlow, Breitbart News Network --------------------------------------------------------------- TOP STORY [image] [U.S. Businesses Estimated to Have Shed 2.7 Million Jobs in May, Far Fewer Than Expected]( Businesses in the United States shrank their payrolls by 2.76 million, according to a report Wednesday from ADP and Moody’s Analytics. This was far better than expected and indeed outside of the range of estimates. Economists had estimated the ADP private payrolls figure to show a loss of between 3.3 million and 11 million, according to Econoday. The median estimate was for a loss of 8.6 million jobs. April’s payroll figure was revised to show a smaller job loss, 19.6 million instead of the earlier-reported 20.2 million. The report suggests the labor market may be healthier than it has looked to many economists. [[Click here for more]( IN OTHER STORIES… [Service Sector Begins to Climb Back From Coronavirus and Shutdown Crash]( The U.S. service sector rebounded more than expected in May from April’s steep decline. The sector shrank for a second consecutive month in May, according to the monthly survey of non-manufacturing businesses conducted by the Institute for Supply Management. But the pace of the contraction slowed from the prior month. The Institute for Supply Management said Wednesday that its service sector index rose to 45.4 last month, up from an April reading of 41.8. Economists had forecast a rise to 44.0. [[Click here for more]( [Factory Orders Plunged in April, Revealing Deep Economic Cut From Coronavirus]( New orders for goods made in American factories plunged in April, and the decline in business investment on equipment was steeper than previously thought. The Commerce Department said on Wednesday factory orders in April fell 13 percent, the biggest month-to-month fall in records dating to 1992. Orders fell 11 percent in March, revised down from the initially reported, then-record-setting 10.3 percent decline. [[Click here for more]( [Amazon Ends Coronavirus Hazard Pay for Warehouse Workers]( Amazon announced this week that it is ending its two-dollar pay increase for warehouse workers instituted after the outbreak of the Chinese virus. Meanwhile, Amazon CEO Jeff Bezos has enjoyed a net worth increase of $32 billion since January. [[Click here for more]( [Joe Biden’s Campaign Is Awash in Wall Street Cash]( Joe Biden has adopted the anti-Wall Street rhetoric of some of his former rivals for the Democrat nomination, but that has not stopped him from collecting an enormous war chest of campaign cash from the financial sector. Biden on Tuesday said that America “wasn’t built by Wall Street bankers and CEOs, it was built by the great American middle class.” [[Click here for more]( --------------------------------------------------------------- FROM THE MAGANOMICS INSTITUTE… [Crises Follow a Pattern]( I’ve learned from witnessing civil unrest that these situations follow a similar pattern. [[Click here for more]( [A Better “Safety” Hedge: Gold or Bitcoin?]( Gold is a traditional safe-haven asset in times of market turmoil. But now it has competition. 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