[December 03, 2008] INSTANT VIEW 2-US private sector sheds jobs in Nov Tweet NEW YORK, Dec 03, 2008 (Reuters via COMTEX) -- U.S. private employers cut 250,000 jobs in November, the most in seven years, a report by a private employment service said on Wednesday. Story: KEY POINTS: * ADP Employer Services also said it revised the number of jobs cut in October to 179,000 from the originally reported loss of 157,000. * Economists had expected the ADP report to show 200,000 private-sector jobs were lost in November, according to the median of forecasts in a Reuters poll. The 24 forecasts ranged from a drop of 350,000 to a decline of 175,000. COMMENTS: ROBERT MACINTOSH, CHIEF ECONOMIST, EATON VANCE CORP, BOSTON: "It is worse than expected, but the report has been lagging the non-farm payment report, which I think most people would say is the better report. The ADP catching up to non-farm payrolls. "This certainly doesn't help the stock market. The main reaction will come from the non-farm payrolls report on Friday. "All things being equal, this may help Treasuries a bit. Most people are going to wait until Friday." LOU BRIEN, MARKET STRATEGIST, DRW TRADING GROUP, CHICAGO: "The ADP has been off pretty considerably in most months. It is showing the direction (of the labor market), but is not necessarily accurate as a guide to payrolls. This is the private sector and one of the better components to the jobs number has been the government. Treasuries are taking it with a grain of salt." MARKET REACTION: STOCKS: U.S. equity index futures add to losses BONDS: U.S. Treasury debt prices slightly extend losses DOLLAR: Dollar holds losses against the yen EARLIER DATA FROM DEC 3: US mortgage applications surge largest amount on record-MBA Story: Table: Keywords: USA MARKETS/ADP (Reporting by New York Treasuries Desk; +1-646 223-6300) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. MMMM [ Back To TMCnet.com's Homepage ]