ADP Jobs Report Much Better Than Expected

Roseland, NJ, May 6, 2009--Private-sector job losses slowed more than expected in April, hitting their lowest since November last year, according to a report by ADP Employer Services on Wednesday.

ADP said private employers cut 491,000 jobs in April versus a revised 708,000 lost in March, originally reported as a loss of 742,000 jobs.

Economists expected 650,000 private-sector job cuts in April.

The report is the latest in a series of data suggesting the severe U.S. recession may be bottoming out, though it is too early to say recovery is underway.

The data comes ahead of Friday's more comprehensive non-farm payrolls report by the government.

Economists expect Friday's payrolls report to show the economy shed 620,000 jobs in April and the unemployment rate jumped to 8.9 percent from 8.5 percent.