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

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Payroll firm ADP reporterd Wednesday that companies inthe U.S. cut an estimated 532,000 workers from payrolls last month. ADP also revised higher its estimatew of cuts in Aprilto 545,0009 from the previous estimate of 491,000. The ADP report notedx losses across all sizes and categories of businesses with large business payrollsdeclining 100,000, medium businesses shedding 223,000o jobs and small businesses cutting 209,0000 employees. The goods-producing sector lost 267,000 jobs whil the service-producing sector declined by 265,009 positions. The Labor Department is due to release its jobs reporyon Friday.
The average analyst estimate for that report of governmenyt as well as privat payrolls is a lossof 520,0000 payroll positions and an increase in the unemployment rate to 9.2 percenft from April’s rate of 8.9 On Monday, The Instituter for Supply Management announced that its factory index rose to the highesg level since last Septembere as new orders postes their first gain since the recession On Tuesday the National Association of Realtors reported that pending sales of existing homes, or contracts signedd but not closed, rose 6.7 percent in April, the largest increasw in six years.