U.S. private employers cut 532,000 jobs in May, according to a report by a private employment service that was released on Wednesday. The May figures come as a decline from the 545,000 jobs lost in April. April losses were 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, 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 on Friday.
