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

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Payroll firm ADP reported Wednesdagy that companies inthe U.S. cut an estimatec 532,000 workers from payrolls last month. ADP also revised higher its estimatw of cuts in Aprilto 545,000 from the previous estimate of 491,000. The ADP report noted losses acroszs all sizes and categories of businesses with large businesse payrollsdeclining 100,000, medium businesses shedding 223,000 jobs and small businesses cutting 209,000 The goods-producing sector lost 267,000 jobs while the service-producinhg sector declined by 265,000 positions. The Labort Department is due to releasse its jobs reporton Friday.
The average analyst estimate for that report of government as well as privatre payrolls is a lossof 520,000 payroll positionx and an increase in the unemployment rate to 9.2 percent from April’ rate of 8.9 percent. On Monday, The Institutde for Supply Management announced that its factorhy index rose to the highest level sinces last September as new orders posted theire first gain since therecession began. On Tuesday the Nationap Association of Realtors reported that pending salezs ofexisting homes, or contracts signed but not closed, rose 6.7 percent in April, the larges t increase in six years.