The record-breaking surge in COVID-19 cases likely dampened January job growth, with the latest payroll estimate on Friday morning expected to show that hiring slowed markedly last month as the omicron variant sidelined millions of workers.
But there is a possibility the number will be far worse than estimates show: A separate report released earlier this week by ADP shows that private employers slashed 301,000 jobs last month, sharply missing the 207,000-job gain that economists surveyed by Refinitiv had predicted and a major drop from the downwardly revised gain of 776,000 in December.
It marked the first time that ADP reported negative growth since December 2020, when companies shed 123,000 jobs before the vaccines were available. situation improves, this variant is a reminder that the path to recovery is a bumpy one, especially while the pandemic persists."is already in damage control mode, with Biden administration officials fanning out across different news outlets to warn the headline jobs figure could be very bleak, with the possibility of a negative number.
Democratic presidential candidate Joe Biden speaks about the third plank of his Build Back Better economic recovery plan for working families on July 21, 2020, in New Castle, Delaware.
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