As the Federal Reserve tees up a series of interest rate increases Companies cut 301,000 jobs

Important Takeaways:

  • Companies unexpectedly cut 301,000 jobs in January as Omicron slams labor market, ADP says
  • As companies reported a drop of 154,000. Trade, transportation and utilities cut 62,000 while the other services category declined by 23,000.
  • Manufacturing also lost 21,000 positions, while education and health services reported a drawdown of 15,000 and construction fell by 10,000.
  • Service-providing industries were responsible for 274,000 of the job losses, with goods producers falling by 27,000.

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