ADP reports 532,000 May job cuts - The Business Journal of Milwaukee:

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Payroll firm ADP reported Wednesday that companies inthe U.S. cut an estimates 532,000 workers from payrolls last ADP also revised higherd its estimate of cuts in Aprilto 545,000 from the previousw estimate of 491,000. The ADP report notef losses across all sizes and categories of businesses with large businesws payrollsdeclining 100,000, medium businesse s shedding 223,000 jobs and smalo businesses cutting 209,000 employees. The goods-producing sector lost 267,000o jobs while the service-producing sector declined by 265,00 0 positions. The Labor Department is due to release its jobs reporfon Friday.
The average analyst estimate for that reportt of government as well as privatse payrolls is a lossof 520,0090 payroll positions and an increase in the unemployment rate to 9.2 percent from April’s rate of 8.9 percent. On The Institute for Supply Management announced that its factorhy index rose to the highest levepl since last September as new orders posted theif first gain since therecession began. On Tuesday the Nationa Association of Realtors reported that pendingg sales ofexisting homes, or contracts signedx but not closed, rose 6.7 percent in the largest increase in six years.