Not the best way to start a year. The economy lost 300,000 jobs in January, according to the ADP National Employment Report…(ADP)
- BIG BUSINESS lost 98,000 jobs to start the year.
- MIDSIZED companies were down 59,000 for the month.
- SMALL BUSINESSES saw the biggest loss by far with 144,000 jobs lost in January.
The service sector lost ten times as many jobs as the goods sector with a 274,000 job decline in January…
- Leisure & hospitality took the brunt of the slow down with 154,000 fewer jobs followed by trade, transportation, & utilities (-62,000) and education & health (-15,000).
The goods sector only saw a 27,000 jobs decline because of the slowdown…
- Manufacturing took the biggest hit with a decline of 21,000 jobs. Construction was down 10,000 and natural resources & mining was the only category in the green with 4,000 jobs added to start the year.
This was a big miss! Economists had projected growth would slow, but they still expected a positive number of around 200,000. The nonfarm payroll on Friday has lower expectations with only 150,00 jobs created. However, after today you have to wonder if that may want to be revised.
UPDATE: PNC is now projecting that nonfarm payrolls contracted by 400,000 in January, including a 350,000 decline in the private sector.