Reuters: Job Losses Are Up – Or Down

First we have this from those economic mavens at Reuters:

Private sector job cuts slow in January

By Burton Frierson – Wed Feb 4, 9:45 am ET

NEW YORK (Reuters) – The U.S. private sector cut more than half a million jobs in January, according to a report that indicates the labor market will continue hemorrhaging for another year.

ADP Employer Services said on Wednesday that private employers cut 522,000 jobs in January versus a revised 659,000 jobs lost in December. The December job cuts were originally reported at 693,000.

Though the rate of job losses slowed slightly, and was also less severe than analysts expected, there is more pain in store even if the government gets a plan in place to stimulate the moribund economy…

Versus this earlier ray of sunshine from the self-same Reuters:

Planned layoffs in January hit 7-year high

Wed Feb 4, 8:19 am ET

NEW YORK (Reuters) – Planned layoffs at U.S. firms in January reached their highest monthly level in seven years, according to a report released on Wednesday, as the more than year-old U.S. recession took an increasingly heavy toll on employment.

The impact of an economic slump that is likely to be the most protracted since the 1930s Great Depression is broadening across a wide range of industries, outplacement company Challenger, Gray & Christmas said in its monthly report on U.S. job cuts.

Job cuts announced in January totaled 241,749, up 45 percent from December’s 166,348. Layoffs were up from 74,986 in the year-ago period…

So which is it?

ADP Employer Services said on Wednesday that private employers cut 522,000 jobs in January versus a revised 659,000 jobs lost in December.

Or: