The number of job losses in the private sector in the United States slowed in the month of April, according to a report by ADP Employer Services on Wednesday. The ADP report showed that the April job loss rate hit its lowest since November of last year, a finding that surprised economists who had expected a much worse result. ADP said private employers cut 491,000 jobs in April versus a revised 708,000 lost in March that was originally reported as a loss of 742,000 jobs. Economists expected 650,000 private-sector job cuts in April, according to a Reuters poll. The report is the latest in a series of data suggesting the wide-reaching U.S. recession may have hit bottom, but there is still time before it begins recovering. “This is one of many indicators that has suggested improvement, but it is volatile and is only one month. Too early to read anything further into it,” said Subodh Kumar, chief investment strategist at Subodh Kumar & Associates in Toronto, Canada.
