The worst monthly showing since 2020, according to Forbes.
QUICK FACTS:
- Private U.S. employers posted their worst monthly job growth in more than a year on Wednesday, according to payroll processor ADP, Forbes reports, the latest sign of Biden’s stunted economy.
- “Dragged down by more than 274,000 lost jobs in the service sectors, private employment fell by 301,000 from December to January, according to the ADP’s National Employment Report released Wednesday—far worse than the 200,000 new jobs economists were expecting and the 807,000 posted in December,” according to Forbes.
- Large-business employment fell 98,000, while medium-sized businesses lost 59,000.
- Joe Biden’s top economic advisor, said last week, adding that Americans “need to be prepared for January employment data that could look a little strange.”
WHAT ECONOMISTS ARE SAYING:
- “The majority of industry sectors experienced job loss,” ADP Chief Economist Nela Richardson said in a statement, attributing the blame to COIVD, a disease Biden promised to “shut down” well over a year ago.
- Economists expect the unemployment rate to remain flat at about 3.9%, according to Bloomberg.
BACKGROUND:
- “I’m not going to shut down the country. I’m not going to shut down the economy. I’m going to shut down the virus,” Biden tweeted in October of 2020.
- Private-sector payrolls are still roughly 4 million jobs behind pre-Covid levels, ADP notes.
