Private-sector job growth turned negative in January for the first time in 13 months as Omicron peaked
"This was a real wild card, given the uncertain impact of the Omicron wave," Ian Shepherdson, chief economist at Pantheon Macroeconomics, said."These data, and probably February's too, will always be asterisked; they tell us nothing about the underlying state of the labor market."
Small businesses bore the brunt of the decline. The group – consisting of firms with fewer than 50 employees – lost 144,000 jobs in January, according to the report. Businesses with 50 to 499 employees lost 59,000 payrolls, and companies with more than 500 workers saw payrolls drop by 98,000.
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