Payroll firm ADP reported Wednesday that companies in the U.S. cut an estimated 532,000 workers from payrolls last month.
Pastor Dale Morgan
Wednesday, June 3, 2009, 10:01am HAST
*
Payroll firm ADP reported Wednesday that companies in the U.S. cut an
estimated 532,000 workers from payrolls last month.*
Pacific Business News (Honolulu)
Although there have been signs that the economy is improving, employers
still appear to be focused on cost-cutting.
Payroll firm ADP reported Wednesday that companies in the U.S. cut an
estimated 532,000 workers from payrolls last month. ADP also revised
higher its estimate of cuts in April to 545,000 from the previous
estimate of 491,000.
The ADP report noted losses across all sizes and categories of
businesses with large business payrolls declining 100,000, medium
businesses shedding 223,000 jobs and small businesses cutting 209,000
employees. The goods-producing sector lost 267,000 jobs while the
service-producing sector declined by 265,000 positions.
The Labor Department is due to release its jobs report on Friday. The
average analyst estimate for that report of government as well as
private payrolls is a loss of 520,000 payroll positions and an increase
in the unemployment rate to 9.2 percent from April’s rate of 8.9 percent.
On Monday, The Institute for Supply Management announced that its
factory index rose to the highest level since last September as new
orders posted their first gain since the recession began. On Tuesday the
National Association of Realtors reported that pending sales of existing
homes, or contracts signed but not closed, rose 6.7 percent in April,
the largest increase in six years.
Tucker Echols, of the Washington Business Journal (District of
Columbia), an affiliated publication, compiled this report.