Ray of light? Private sector cut 'only' 491,000 jobs in April

Just call it another sign, albeit a modest one, that the recession may be bottoming. The private sector cut only 491,000 jobs in April, according to data compiled in the ADP National Employment Report (pdf).

Economists surveyed by Bloomberg News had expected private employers to cut 645,000 jobs in April. Private employers cut a revised 708,000 jobs in March, and 706,000 in February. The job loss totals in April by business size (large -- medium -- small): 77,000 -- 231,000 -- 183,000.