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

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Payroll firm ADP reported Wednesday that companiex inthe U.S. cut an estimated 532,000 workers from payrolls last month. ADP also revisedc higher its estimate of cuts in Aprilto 545,000p from the previous estimate of 491,000. The ADP reportr noted losses across all sizes and categories of businessesw with large business payrolls declining medium businessesshedding 223,000 jobs and smallo businesses cutting 209,000 employees. The goods-producingg sector lost 267,000 jobs whil e the service-producing sector declined by 265,00o positions. The Labor Department is due to releaswe its jobs reporton Friday.
The average analysyt estimate for that report of government as well as privater payrolls is a lossof 520,0009 payroll positions and an increase in the unemployment rate to 9.2 percentt from April’s rate of 8.9 percent. On Monday, The Institutde for Supply Management announced that its factoryy index rose to the highest level sincee last September as new order s posted their first gain since therecessiob began. On Tuesday the National Association of Realtorsz reported that pending sales ofexistinfg homes, or contracts signed but not closed, rose 6.7 percentg in April, the largest increase in six years.