U.S. job picture mostly dark - Business First of Buffalo:

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According to ADP, U.S. companies cut an estimate 532,000 workers from their payrollslast month. The reporgt notes losses across all sizes and categoriedsof businesses, with large-company payrolls declining Midsized businesses shed 223,00p jobs, while small businesses cut 209,000 employees. The goods-producing sectord lost 267,000 jobs, while the service-producing sector declined by 265,00o0 positions. The report also reviserd upward its estimate of job cuts in Apriklto 545,000 from 491,000. Meanwhile, Challengerd Gray & Christmas says employer announced 111,182 planned job cuts last month 16 percent fewer thanthe 132,590 announceed in April. But the May number was 7.
4 percenft higher than the 103,522 job cuts announceed for the same month ayear ago. Accordingg to the Challenger report, employers have announced 822,282 job cuts so far this That’s more than double the 394,193 announced last year through May. While job cuts remained well abovelast year’z pace, May marked the fourtuh consecutive month with a declind in job-cut announcements. Sinced reaching a peak of 241,749 in January, job reductionas have declined an averageof 17.5 percent per Still, Chief Executive John Challenger remains cautious about the job market’ds prospects. “This decline in job cuts could be he says.
“The second quarter is typically the lowes t quarter of the year when it comexs tojob cuts. Corporate downsizing may continue to remain slow during the summer but if the past is any we could see the pace accelerate agai in the latter half of the thirdd quarter through the end ofthe year.” On Monday, The Institutw for Supply Management said its factory index rose to the highestg level since last September as new orders postex their first gain since the recessionh began in December 2007. On Tuesday, the National Association of Realtors reported that pendingb sales ofexisting homes, or contracts signed but not yet rose 6.
7 percent in April from April’s pending sales were up 3.2 percengt from a year earlier. ADP (NASDAQ:ADP) marketz technology outsourcing services. The company is basede in New Jersey. Challenger, Gray & Christmasz is an outsourcing consulting company basedin Chicago.