ADP reports better than expected

Consensus	Actual	Previous
-643,000	-491,000	-742,000

• The pace of US job losses were better than expected coming in at a 31% improvement compared to March.
• Job cut announcements by US employers totaled 132,590 in April, an improvement of 12% from March’s 150,411. 
  • The government & non-profit sector was hit hardest with 27,624 job cuts announced in April. 
  • Second was automotive industry especially with GM & Chrysler’s restructuring.
• "Job cuts are still at recession levels, but the fact that they are falling is certainly promising and may suggest that employers are starting to feel a little more confident about future business conditions.” – John Challenger (CEO of Challenger, Gray & Christmas)
• So far 711,100 job cuts have been announced this year.
• Friday’s unemployment is predicted to rise to 8.9% from 8.5%. 

Source: CNN Money & Marketwire