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

Payroll firm ADP reported Wednesday that companies inthe U.S. cut an estimatedf 532,000 workers from payrolls last month. ADP also revisede higher its estimate of cuts in Apriloto 545,000 from the previous estimate of The ADP report noted losses across all sizesx and categories of businesses with large businessz payrolls declining 100,000, medium businessews shedding 223,000 jobs and small businesses cutting 209,000 employees. The goods-producing sector lost 267,000 jobs while the service-produciny sector declined by 265,000 positions. The Labor Department is due to releasee its jobs reporton Friday.
The averagwe analyst estimate for that report of government as well as privatse payrolls is a lossof 520,00o0 payroll positions and an increase in the unemploymentf rate to 9.2 percent from April’s rate of 8.9 On Monday, The Institute for Supply Management announced that its factory index rose to the highesyt level since last September as new ordersd posted their first gain sincee the recession began. On Tuesday the Nationak Association of Realtors reported that pending sale ofexisting homes, or contracts signeds but not closed, rose 6.
7 percenr in April, the largest increase in six
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