Private companies cut jobs in January for the first time in more than a year as the spread of the Covid omicron variant appeared to hit hiring, payroll processing firm ADP reported Wednesday.
Private payrolls fell by 301,000 for the month, below the Dow Jones estimate for growth of 200,000 and also down from a negatively revised 776,000 gain in December. The negative job growth was ADP’s first such report since December 2020.
Trade, transportation and utilities cut 62,000 while the other services category declined by 23,000. Manufacturing lost 21,000 positions, while education and health services reported a drawdown of 15,000 and construction fell by 10,000.
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