(Joe Hoft) Jobs were expected to grow by 200,000 but instead plunged by 301,00o in January. This was the first negative job growth since January 2020.
Related Lessons From An Underground Economy
by Joe Hoft, February 2nd, 2022
CNBC reported this morning:
Companies cut jobs in January for the first time in more than a year as the spread of the Covid omicron variant appeared to hit hiring, payroll processing firm ADP reported Wednesday.
Private payrolls fell by 301,000 for the month, well below the Dow Jones estimate for growth of 200,000 and a marked plunge from the downwardly revised 776,000 gain in December. It was the first time ADP reported negative job growth since December 2020.
The pandemic-sensitive leisure and hospitality industry was responsible for more than half of the decline, as companies reported a drop of 154,000. Trade, transportation and utilities cut 62,000 while the other services category declined by 23,000.
This is not good news. The Biden economy keeps failing. Yesterday we reported on the US budget deficit reaching more than $30 Trillion for the first time in history.
Biden’s economy is a nightmare.
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About The Author
Joe Hoft is the twin brother of TGP’s founder, Jim Hoft, and a contributing editor at TGP. Joe’s reporting is often months ahead of the Mainstream media as was observed in his reporting on the Mueller sham investigation, the origins of the China coronavirus, and 2020 Election fraud. Joe was a corporate executive in Hong Kong for a decade and has years of experience in finance, IT, operations and auditing around the world. The knowledge gained in his career provide him with a unique perspective of current events in the US and globally. He has ten degrees or designations and is the author of three books. Joe is currently co-host of the morning radio show in St. Louis at 93.3 “Tomorrow’s News Today”. His new book: ‘In God We Trust: Not in Lying Liberal Lunatics’ is out now – please take a look and buy a copy.
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– Justin
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