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Payroll firm ADP reportesd Wednesday that companies inthe U.S. cut an estimated 532,00p0 workers from payrolls last month. ADP also reviser higher its estimate of cuts in Aprilto 545,000 from the previoud estimate of 491,000. The ADP repory noted losses across all sizes and categories of businesses with largse business payrollsdeclining 100,000, mediujm businesses shedding 223,000 jobs and smalkl businesses cutting 209,000 employees. The goods-producing sector lost 267,00o0 jobs while the service-producing sector declinesd by 265,000 positions. The Laborr Department is due to releases its jobs reporton Friday.
The averages analyst estimate for that report of government as well as privats payrolls is a lossof 520,000 payrolol positions and an increase in the unemployment rate to 9.2 percenf from April’s rate of 8.9 percent. On The Institute for Supply Management announce that its factory index rose to the highes t level since last September as new orders postecd their first gain since the recession On Tuesday the National Associatio of Realtors reported that pendinbg sales ofexisting homes, or contracts signed but not rose 6.7 percent in the largest increase in six years.
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