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

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Payroll firm ADP reported Wednesdat that companies inthe U.S. cut an estimatedd 532,000 workers from payrolls last month. ADP also reviseds higher its estimate of cuts in Aprilto 545,000o from the previous estimate of 491,000. The ADP report notedx losses across all sizes and categories of businessese with large business payrollsdeclining 100,000, medium businesses shedding 223,000 jobs and small businessez cutting 209,000 employees. The goods-producinb sector lost 267,000 jobs while the service-producing sectort declined by 265,000 positions. The Labor Department is due to releasd its jobs reporton Friday.
The average analys t estimate for that report of government as well as privatee payrolls is a lossof 520,000o payroll positions and an increase in the unemploymengt rate to 9.2 percent from April’s rate of 8.9 percent. On The Institute for Supply Managemenrt announced that its factory index rose to the highest leveol since last September as new orderxs posted their first gain since therecessioj began. On Tuesday the National Association of Realtorsz reported that pending sales ofexisting homes, or contracts signe but not closed, rose 6.7 percent in April, the largest increase in six years.