Employees reviewing sales statistics. | Photo: Twitter/ @nysscpa
Service sector saw 274,000 jobs lost in January, while goods-producing sector cut 27,000 jobs, according to ADP Research Institute.
On Wednesday, payroll data company Automatic Data Processing (ADP) reported that private companies in the United States slashed 301,000 jobs in January, indicating a disrupted recovery in the labor market amid Omicron surge.
“The labor market recovery took a step back at the start of 2022 due to the effect of the Omicron variant and its significant, though likely temporary, impact to job growth,” said Nela Richardson, chief economist at ADP.
“The majority of industry sectors experienced job loss, marking the most recent decline since December 2020,” she said.
Richardson noted that leisure and hospitality saw the “largest setback” after substantial gains in fourth quarter 2021, with job losses of 154,000.
Service sector saw 274,000 jobs lost in January, while goods-producing sector cut 27,000 jobs, according to the report produced by the ADP Research Institute in collaboration with Moody’s Analytics.
Large firms slashed 98,000 workers, medium-sized businesses let go of 59,000, while small companies cut 144,000 employees, the report showed, indicating an unbalanced recovery across different company sizes.
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This virus problem is thus suspiciously becoming a motor of digitization. ;-/ Seems like a plan. xx Michael
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Good observation, Michael. It’s strange how so many things that used to be conspiracy theories are now accepted fact.
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