US companies unexpectedly slash jobs in January as omicron surge batters economy

  • 📰 FoxBusiness
  • ⏱ Reading Time:
  • 55 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 25%
  • Publisher: 53%

United States Headlines News

United States Latest News,United States Headlines

Private job growth stumbled in January as surging omicron cases weighed on the economy's recovery from the pandemic.

FOX Business’ Madison Alworth discusses red states like Texas, Arizona, Idaho, and Utah recovering all jobs lost during the COVID-19 pandemic.

The job losses were concentrated heavily in the leisure and hospitality industry, one of the sectors hit hardest by the pandemic. The industry shed 154,000 jobs in December as consumers opted to stay home to avoid the new variant. Beyond that, losses were broad-based: Trade, transportation and utilities eliminated 62,000 positions, while education and health services fell by 15,000 and construction shed 10,000. Manufacturing also reported losing 21,000 jobs last month.

The data precedes the Labor Department's more closely watched January jobs report, which is expected to show the economy added 150,000 jobs last month, which would be the weakest since December 2020. "Because omicron was so highly transmissible, nearly 9 million people called out sick in early January when the jobs data was being collected," Psaki told reporters. "The week the survey was taken was at the height of the omicron spike … As a result, the jobs report may show job losses, in large part because workers were out sick from omicron at a point when it was peaking."

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Very dicey dicey happening not a clear clear going everywhere

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 458. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US private payrolls drop by 301,000 in January, missing estimatesInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know. Private sector jobs are much better than govt sector
Source: BusinessInsider - 🏆 729. / 51 Read more »

As U.S. stocks stumbled --- How every major financial asset performed in a chaotic JanuaryInvestors can be forgiven for feeling a little motion sickness after a roller-coaster January. This chart from Deutsche Bank breaks down the performance of... Renewable EnergyToken I recommend you to research this token that will mark 2022! 🚀 BscRetoken RenewableEnergyToken BuyRET RetArmy $RET Renewable EnergyToken I recommend you to research this token that will mark 2022! 🚀 BscRetoken RenewableEnergyToken BuyRET RetArmy $RET Renewable EnergyToken I recommend you to research this token that will mark 2022! 🚀 BscRetoken RenewableEnergyToken BuyRET RetArmy $RET
Source: MarketWatch - 🏆 3. / 97 Read more »

US asks UN to meet on North Korea missile that can reach USThe United States is calling for the U.N. Security Council to meet Thursday on North Korea’s most recent test of an intermediate-range ballistic missile capable of reaching Guam. UN = United Nausea. Greetings Are you suffering from HERPES_VIRUS and u are in need of true cure ? i advise you, I had same issues for a long time but was cured and recommend Dr. AHMED am a living testimony too he has herbal remedies\\cure for your problems his email drahmedusman5104gmail. com
Source: ABC - 🏆 471. / 51 Read more »

Hitchhiking in Earth's orbit, asteroid may be with us for 4,000 yearsAn asteroid that was discovered riding along in Earth's orbit is about three-quarters of a mile (1.2 km) wide and might remain as a hitchhiker with our planet for at least 4,000 more years while posing no danger, scientists said on Tuesday. earth´s orbit? you mean the sun´s? 종교인들의 하나님도 마스크와거리두기 손씻기를 하여야할듯 자연과학자의 입장으로는 하나님도 사람일뿐? 코로나19의 예방에는 과학자들이 종교인보다 앞설듯 I swear, we just gotta take that m'fer out...(!)
Source: ReutersScience - 🏆 559. / 51 Read more »

PETA wants federal transportation agency to investigate movement of monkeys in U.S.The animal rights organization raises possibility of violations of federal hazardous materials regulations not limited to the Danville area accident. I'm sorry, which branch of government is PETA? Oh that's right, they don't get to make, pass or decide law.
Source: PennLive - 🏆 463. / 53 Read more »

US T-bond yields fade bounce off weekly low, stock futures track Wall Street gainsUS T-bond yields fade bounce off weekly low, stock futures track Wall Street gains By anilpanchal7 RiskAppetite YieldCurve Equities Fed Macroeconomics
Source: FXStreetNews - 🏆 14. / 72 Read more »