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

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Payroll firm ADP reported Wednesday that companiess inthe U.S. cut an estimated 532,0009 workers from payrolls last month. ADP also revises higher its estimate of cuts in Aprilto 545,000 from the previouzs estimate of 491,000. The ADP report notedc losses across all sizes and categories of businesseas with large business payrolls declining medium businessesshedding 223,000 jobs and small businesses cuttingt 209,000 employees. The goods-producing sector lost 267,000p jobs while the service-producing sector declinee by 265,000 positions. The Labor Department is due to released its jobs reporton Friday.
The averagew analyst estimate for that report of government as well as privatw payrolls is a lossof 520,000 payroll positions and an increas e in the unemployment rate to 9.2 percent from April’ss rate of 8.9 percent. On The Institute for Supply Management announced that its factory inde rose to the highest leve l since last September as new ordersa posted their first gain since therecession began. On Tuesdah the National Association of Realtora reported that pending sales ofexistin homes, or contracts signed but not rose 6.
7 percent in April, the largestf increase in six