Economists expected private companies to hire 207,000 workers last month

U.S. companies unexpectedly cut jobs in January for the first time in a year, as a surge in the highly contagious omicron coronavirus variant battered the labor market's recovery from the pandemic, according to the ADP National Employment Report released Wednesday morning.

Companies shed 301,000 jobs last month, sharply missing the 207,000-job gain that economists surveyed by Refinitiv had predicted. It marked the first time that ADP reported negative growth since December 2021, when companies shed 123,000 jobs before the vaccines were available. 

"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," Nela Richardson, ADP chief economist, said in a statement.... Read More: FOX Business