ADP reports 532,000 May job cuts - Pacific Business News (Honolulu):

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Payroll firm ADP reported Wednesday that companiesz inthe U.S. cut an estimated 532,00o workers from payrolls last ADP also revised highef its estimate of cuts in Aprilto 545,000 from the previou estimate of 491,000. The ADP reporft noted losses across all sizes and categories of businesse with large business payrolls declining medium businessesshedding 223,000 jobs and small businesses cuttinvg 209,000 employees. The goods-producing sector lost 267,00p jobs while the service-producing sector declined by 265,00p positions. The Labor Department is due to release its jobs reporfon Friday.
The averagwe analyst estimate for that report of government as well as privatee payrolls is a lossof 520,00 payroll positions and an increase in the unemployment rate to 9.2 percenty from April’s rate of 8.9 percent. On Monday, The Institutre for Supply Management announceds that its factory index rose to the highestt level since last September as new orderd posted their first gain since therecessiom began. On Tuesday the National Associationm of Realtors reported that pending salea ofexisting homes, or contracts signed but not closed, rose 6.7 percent in April, the largest increase in six years.