Ray of Light: January Private Sector Jobs Fell Just 22,000

More progress on the U.S. employment front, as the private sector cut just 22,000 jobs in January, according to data compiled in the ADP National Employment Report. That follows a revised loss of just 61,000 jobs in December, down from the previously released 84,000.

What's more, January's drop was the smallest decline in private employment since payrolls started falling in February 2008, or two months after the recession started. A Bloomberg News economists survey had expected private employers to cut 30,000 jobs in January.