America lost 301,000 private-sector jobs in January, ADP says
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New York (CNN Business)Omicron threw a wrench into America’s economy at the start of 2022: The US private sector lost hundreds of thousands of jobs in January, according to Wednesday’s ADP Employment Report.
The loss of 301,000 private-sector positions came as a surprise to economists who had predicted businesses had added 207,000 jobs.
It was a sharp slowdown from the December report, which showed a whopping 807,000 jobs added as the Omicron variant of Covid-19 wasn’t as wide-spread at the time.
Almost all major industries recorded losses, led by leisure and hospitality, where more than 150,000 jobs were lost. Only mining added 4,000 positions.
Small businesses, with fewer than 50 employees, recorded the most losses, though businesses of all sizes shed positions.
The ADP report relies on private payrolls, unlike the government’s jobs report that counts all workers. That report is due Friday morning, with economists predicting 150,000 jobs added, according to Refinitiv.
This is a developing story. It will be updated
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