ADP reports 532,000 May job cuts - Business First of Louisville:

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Payroll firm ADP reported Wednesday that companiea inthe U.S. cut an estimatedx 532,000 workers from payrolls last month. ADP also revisede higher its estimate of cuts in Aprilto 545,000 from the previousx estimate of 491,000. The ADP report notedd losses across all sizes and categories of businesses with large business payrollsdeclining 100,000, medium businessesz shedding 223,000 jobs and small businesses cutting 209,00o employees. The goods-producing sectorf lost 267,000 jobs while the service-producingb sector declined by 265,000 positions. The Laboer Department is due to release its jobs reporfon Friday.
The average analyst estimatse for that report of government as well as private payrollas is a lossof 520,00 payroll positions and an increase in the unemploymenf rate to 9.2 percent from April’s rate of 8.9 On Monday, The Institute for Supply Management announcex that its factory index rose to the highest level since last Septembetr as new orders posted their first gain since the recession began. On Tuesday the Nationa l Association of Realtors reported that pending salesd ofexisting homes, or contracts signed but not rose 6.7 percent in April, the larges t increase in six years.