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

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Payroll firm ADP reported Wednesdayu that companies inthe U.S. cut an estimatexd 532,000 workers from payrolls last ADP also revised higheer its estimate of cuts in Aprilto 545,00p0 from the previous estimate of 491,000. The ADP report notef losses across all sizes and categoriexs of businesses with large business payrollsdeclining 100,000, mediuj businesses shedding 223,000 jobs and small businesses cuttintg 209,000 employees. The goods-producing sector lost 267,000o jobs while the service-producing sector declined by 265,000 positions. The Labodr Department is due to release its jobs reporfon Friday.
The average analyst estimate for that report of governmentr as well as privat payrolls is a lossof 520,000 payrolol positions and an increase in the unemploymen t rate to 9.2 percent from April’x rate of 8.9 percent. On The Institute for Supplyh Management announced that its factory index rose to the highestt level since last September as new orderzs posted their first gain since therecessionn began. On Tuesday the National Association of Realtorsw reported that pending sales ofexisting homes, or contractw signed but not closed, rose 6.
7 percenf in April, the largest increase in six