ADP reports 532,000 May job cuts - Silicon Valley / San Jose Business Journal:

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Payroll firm ADP reported Wednesday that companies inthe U.S. cut an estimatefd 532,000 workers from payrolls last month. ADP also revised higher its estimat e of cuts in Aprilto 545,000 from the previous estimate of 491,000. The ADP report noted losses across all sizes and categoriezs of businesses with large business payrolls declining medium businessesshedding 223,000 jobs and small businessesd cutting 209,000 employees. The goods-producing sector lost 267,000o jobs while the service-producing sector declined by 265,000o positions. The Labor Department is due to releasr its jobs reporton Friday.
The average analyst estimate for that report of government as well as privatw payrolls is a lossof 520,00p payroll positions and an increased in the unemployment rate to 9.2 percen from April’s rate of 8.9 percent. On Monday, The Institutr for Supply Management announced that its factory index rose to the highest levek since last September as new orders postes their first gain since therecession began. On Tuesdaty the National Association of Realtors reported that pending sale s ofexisting homes, or contractsz signed but not closed, rose 6.
7 percent in the largest increase in six