Private sector cuts 532,000 jobs in May

By Matrix | Published: June 3, 2009

The U.S. private sector eliminated 532,000 net jobs in May, the fewest jobs lost since November, according to the ADP employment index released Wednesday. Goods producing industries cut 267,000 jobs while services cut 265,000. The index comes two days before the government releases its estimate of May nonfarm payrolls. Economists surveyed by MarketWatch are looking for payrolls to drop by 500,000 in the government survey, which would be the smallest decline since October. Including government jobs not counted in the ADP report, the ADP index implies total nonfarm payrolls may have fallen by 545,000 in May, close to the number of jobs lost in April.

Source/Full Story: MarketWatch

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