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ADP signals 300,000 drop for November payrolls: Prakken

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Wed Dec 3, 2008 11:39am EST

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NEW YORK (Reuters) - A report showing private employers cut 250,000 jobs in November suggests the government's more comprehensive non-farm payrolls report on Friday will show a loss of 300,000 jobs or more, Joel Prakken, chairman of Macroeconomic Advisers, said on Wednesday.

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The private sector jobs report was released by ADP Employer Services and jointly developed with Macroeconomic Advisers LLC.

Economists expect the November payrolls report to show the economy shed 320,000 jobs, according to the median of forecasts in a Reuters poll.

(Reporting by Burton Frierson; Editing by Tom Hals)
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