Swonk said she expects a flat to negative number of jobs, and she said job losses could easily be in a range of several hundred thousand.
For the Federal Reserve, the report should confirm the swift negative reaction in the labor market to omicron, and it is not a surprise. It is also likely to have no impact on Fed policy or interest rate hikes since omicron's effects are expected to be fleeting. "Omicron took a larger-than-expected bite out of the labor market in January with workers out sick and hiring plans put on ice. We forecast a net payroll loss of 215k, but strong household survey gains should help the Fed look through the headline as a one-off," they wrote.
'Omicron caused' Well done.
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