Job picture: Signs of improvement

ADP report shows job losses ease. Challenger data say number of cuts slowed to the lowest level in nearly 2 years.

NEW YORK (CNNMoney.com) -- The pace of U.S. job losses slowed in November, according to two reports released Wednesday.

Automatic Data Processing (ADP, Fortune 500), a payroll-processing firm, said private-sector employers cut 169,000 jobs in November.

It was the eighth month in a row that the number of job cuts fell from the month before. The number of cuts in October was revised down to 195,000 from the previously reported 203,000.

Economists surveyed by Briefing.com had forecast a loss of 150,000 jobs last month.

"Looking forward, we expect several months of declines," said Joel Prakken, chairman of Macroeconomic Advisers, in a conference call. "But the losses will get smaller and we should see the first positive number in February's data."

The U.S. economy will not return to "full employment," defined as 5% unemployment, until as late as 2014, Prakken said.

Prakken also addressed the jobs forum slated for Thursday, in which President Obama will meet with labor representatives, financial experts and other business leaders to discuss the continued problems with unemployment.