Positive developments in the labor market could be evidence that the U.S. has is seeing a turning point in the jobs market, Automatic Data Processing CEO Carlos Rodriguez told CNBC’s Jim Cramer Wednesday.
As the economy shed tens of millions of jobs since mid-March due to the coronavirus pandemic, the benchmark S&P 500 has rallied about 30% from its bottom later that month.
“I think what might be happening is [investors] may be already anticipating the worst may have been behind us” in slowing the spread of coronavirus, Rodriguez said in a “Mad Money” interview. “I don’t know, because, obviously, I’m not a scientist and I’m not a doctor, but we have seen a couple of indicators of some bottoming” in recruitment data.
Mass layoffs caused by countrywide coronavirus shutdowns pushed a record 26.45 million Americans to file for unemployment claims within the matter of five weeks as officials attempted to slow the spread of Covid-19.
About 4 million people sought jobless benefits in the…