ADP reports 532,000 May job cuts - Philadelphia Business Journal:

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Payroll firm ADP reported Wednesday that companiesz inthe U.S. cut an estimated 532,000 workers from payrollz last month. ADP also revised higher its estimate of cuts in Aprilpto 545,000 from the previous estimate of 491,000. The ADP reportr noted losses across all sizeds and categories of businesses with large businesx payrollsdeclining 100,000, medium businesses shedding 223,000 jobs and small businesses cutting 209,000 employees. The goods-producing sector lost 267,000 jobs whilr the service-producing sector declined by 265,000 positions. The Labof Department is due to release its jobs reporgton Friday.
The averag e analyst estimate for that report of government as well as private payrollss is a lossof 520,000 payroll positionx and an increase in the unemployment rate to 9.2 percent from April’s rate of 8.9 percent. On Monday, The Institute for Supply Management announced that its factoryy index rose to the highest level since last September as new orderw posted their first gain since the recession On Tuesday the Nationak Association of Realtors reported that pendinf sales ofexisting homes, or contracte signed but not rose 6.7 percent in April, the largest increas in six years.