America lost 301,000 private-sector jobs in January, ADP says
Anneken Tappe | February 2, 2022Omicron 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 also the first decline in the ADP report since December 2020.
The ADP report relies on private payrolls, unlike the government's jobs report that counts all workers. Also of note: ADP counts workers on a company's payroll, irrespective of whether they were out sick.
That Bureau of Labor Statistics' report is due Friday morning, with economists predicting 150,000 jobs added, according to Refinitiv. But not all economists are so optimistic. Goldman Sachs (GS) expects a decline of 250,000 jobs in Friday's report, for example.
"The details of the ADP employment report indicate a large and likely temporary drag from Omicron on January employment," economists at the bank said. . .
https://www.cnn.com/2022/02/02/economy/january-jobs-adp-employment-report/index.html
This month, it's because of omicron. Next month, it's because of ______________ .
