ADP Says U.S. Companies Reduced Payrolls by 491,000

Via Bloomberg.com …

Companies in the U.S. cut an estimated 491,000 workers from payrolls in April, indicating the worst of the recession’s job losses may have passed, a private report showed today.

The drop in the ADP Employer Services gauge was smaller than economists forecast and the fewest since October. March’s reading was revised to show a reduction of 708,000 workers, down from a previous estimate of 742,000.

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