We had some potentially good news today. The employment report from ADP, a private firm, showed the payrolls dropped by 491,000 last month. Wall Street is expecting a decline of 645,000.
Of course, the real test will come this Friday when the Labor Department reports the official results. Wall Street is waiting on pins and needles for this report because it may show the first clear signs that the economy is stabilizing. Ben Bernanke’s optimistic remarks yesterday were certainly welcome, but it would be nice to see hard data. If the ADP numbers are accurate, then the economy lost the fewest amount of jobs since October.