The U.S. economy saw a loss of more than 300,000 jobs in January in a stunning drop far below expectations, according to a new report.
“The ADP Research Institute projects in a report released Wednesday that the U.S. economy lost just over 300,000 jobs in January. ADP Chief Economist Nela Richardson blamed effects of the outbreak of the Omicron variant for the plunge in employment,” The Daily Wire reported.
“The labor market recovery took a step back at the start of 2022 due to the effect of the Omicron variant and its significant, though likely temporary, impact to job growth,” Richardson said in a statement.
“The majority of industry sectors experienced job loss, marking the most recent decline since December 2020. Leisure and hospitality saw the largest setback after substantial gains in fourth quarter 2021, while small businesses were hit hardest by losses, erasing most of the job gains made in December 2021.”
Jobs were expected to increase by 207,000 last month. The loss marks a difference of more than a half-million jobs.
Jobs shock: US lost 300k in January, not a gain of 207K as expected | WRAL TechWire https://t.co/uqq2jBUvra
— Bre * #BidenIsADisaster #BringBackTrump (@BrendaA24168120) February 2, 2022
Biden’s claims that the U.S. economy has had a historic recovery are far removed from the truth of the latest jobs report.
Instead of making progress, the nation’s job market is losing progress, leaving the left scrambling for anything it can claim is a success.