America lost 301,000 private-sector jobs in January, according to new economic data, with leisure and hospitality industries taking the biggest hit
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 affected business, led to worker absenteeism and temporary school closures.Underscoring multiplr pandemic labor market trendsLast month was a conflation of almost every labor market trend seen during the pandemic, including business closures, labor shortages, and negative effects from child care and school being closed, ADP chief economist Nela Richardson told reporters on a conference call Wednesday.
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