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BW Businessworld

US Private Sector Axes

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US private employers shed 532,000 jobs in May, fewer than the revised 545,000 jobs lost in April, a report by a private employment service said on Wednesday.

The April figure was originally reported as a decline of 491,000.

The median forecast of economists surveyed by Reuters for the ADP Employer Services report, jointly developed with Macroeconomic Advisers LLC, was for 520,000 private-sector jobs lost in December.

The ADP job reading is seen as a predictor of the government's monthly payroll figure. The Labor Department will release its May employment report at 8:30 a.m. (1230 GMT) on Friday.

(Reuters)