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US Private Employment Contracts for the First Time Since December 2020

February 2, 2022 by Forex Winner Leave a Comment

US Private Employment Contracts for the First Time Since December 2020

Source: ADP Research Institute

The US private employment declined for the first time in 13 months in January, dragged by ongoing concerns regarding the Omicron variant of COVID-19.

  • Private sector employment fell by 301,000 jobs in January, a reversal of the 776,000 growth in December 2021 and a 196,000 increase the previous year.
  • The latest reading is the first contraction recorded in 13 months after private-sector employment slipped by 75,000 in December 2020.
  • The decline was driven mainly by the services sector, which declined by 274,000. Leisure and hospitality posted the most significant drop at 154,000.
  • Goods-producing firms reported a 27,000 decline during the month, as manufacturing fell by 21,000 and construction by 10,000.
  • Small businesses recorded the biggest decline, down 144,000. Large businesses fell by 98,000, while medium businesses fell by 59,000.
  • Franchise employment stood at 1,600.
  • Chief Economist Nela Richardson attributed the drop to the impact of the omicron variant on job growth, although this is likely temporary.

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