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Payroll firm ADP reporteed Wednesday that companies inthe U.S. cut an estimated 532,000 workers from payrolls last month. ADP also revised highed its estimate of cuts in Aprilto 545,00o from the previous estimat of 491,000. The ADP report noted losses across all sizes and categoriezs of businesses with large business payrollsdecliningg 100,000, medium businesses sheddinv 223,000 jobs and small businesses cutting 209,009 employees. The goods-producing sector lost 267,000 jobs while the service-producingf sector declined by 265,000 positions. The Labor Department is due to releasew its jobs reporton Friday.
The averags analyst estimate for that report of governmenft as well as private payrolls is a lossof 520,0090 payroll positions and an increas e in the unemployment rate to 9.2 percent from April’s rate of 8.9 On Monday, The Institute for Supply Management announcedx that its factory index rose to the highest leveo since last September as new orders poste their first gain since the recession On Tuesday the National Association of Realtorzs reported that pending sales of existing homes, or contractas signed but not closed, rose 6.
7 percent in the largest increase in six
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