Ray of light: ADP reports 'only' 169,000 private sector job cuts in November

More progress on the U.S. employment front, as the private sector cut just 169,000 jobs in November, following a downwardly revised 195,000 job loss in October, according to data compiled in the ADP National Employment Report. The initial October job loss estimate was 203,000. Economists surveyed by Bloomberg News, however, had expected private employers to cut 150,000 jobs in November.

Separately, private placement firm Challenger, Gray & Christmas said job cut announcements by U.S. employers fell to 50,349 in November, down 9.6% from 55,679 in October, CNMoney.com reported Wednesday.