532,000 Jobs Cut in May
June 3, 2009 by Mark Ellis
Filed under Business
Despite signs of improvement in the economy, unemployment numbers continue to soar according to the latest report from payroll firm ADP. This report indicates that in the month of May, 532,000 workers were cut from their payroll on all levels of business combined.
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According to the report, 100,000 of these jobs were from large businesses, 223,000 from medium-sized businesses, and 209,000 jobs from small businesses. Job losses between the goods-producing sector and the service-producing sector were almost even, with 267,000 and 265,000 job losses respectively.
The government will publish its take on the situation on Friday when the Labor Department releases its reports. Analysts generally agree on a number that puts job losses around 520,000 in the month of May, increasing the unemployment rate from 8.9 percent in April to 9.2 percent.
If ADP’s reports are accurate, job cuts may be declining in number: ADP recently revised its estimates for April’s job cuts to 545,000.
