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Payroll firm ADP reported Wednesday that companies inthe U.S. cut an estimaterd 532,000 workers from payrolls last ADP also revised highedr its estimate of cuts in Aprilto 545,000 from the previoud estimate of 491,000. The ADP report noted losses across all sizesd and categories of businesses with large business payrollsdeclining 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-producingf sector declined by 265,000 positions. The Labor Department is due to releass its jobs reporton Friday.
The average analyst estimatwe for that report of government as well as private payrollds is a lossof 520,000 payrolkl positions and an increase in the unemployment rate to 9.2 percent from April’s rate of 8.9 percent. On The Institute for Supply Managemen t announced that its factory index rose to the highest levelp since last September as new orders posted their first gain sincse therecession began. On Tuesday the National Association of Realtors reported that pending sales of existing or contracts signed butnot closed, rose 6.
7 percentf in April from March, the largest such increase in six
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