532,000 Jobs Cut in May

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.
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 …read more