Omicron wave hits ADP January report; “temporary setback” may extend into Feb

02 February 2022

 

Summary: ADP payrolls down 301,000 in January, contrasts with consensus expectation of gain; December increase revised down by 31,000; economists blame wave of omicron infections in survey week; general sense of a temporary setback; history suggests losses not reversed immediately; positions down across firms of all sizes, bias towards small firms; 90% of loss in services sector, led by leisure/hospitality sector. The ADP National Employment Report is a monthly report...

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