U.S. labour market stabilizing as layoffs abate

WASHINGTON (Reuters) - U.S. private payrolls fell less than expected in May, suggesting layoffs were abating as businesses reopen, though the overall economy's recovery from the COVID-19 pandemic will be slow.Signs are growing that the economic slump is nearing a bottom, with other data on Wednesday showing activity in the vast services sector pushing off an 11-year low in May. Getting the economy back to pre-COVID-19 levels could take years unless businesses boost spending after cutting back..