Posted on 02/02/22
| News Source: FOX Business
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.
This is a developing story.