Only 491,000 Jobs Lost, Markets Soar

Stock futures were higher on Wednesday after a closely watched precursor to Friday’s critical nonfarm payrolls report suggested a slowing of job losses last month in the private sector.

A report from Automatic Data Processing and Macroeconomic Advisors said the U.S. private sector shed 491,000 jobs during April, better than the 650,000-job decline that economists had expected the report to show and a slowing in the pace of job losses seen during the first three months of the year.

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