U.S. Economy Takes Another Hit As Employers Cut 300,000 Jobs And Stocks Such As Facebook Lose Billions

February 3. 2022

Joe Biden

A new report reveals U.S. employers have "unexpectedly cut 301,000 jobs." The job cuts are being blamed on the omicron variant of the coronavirus. This is in addition to 5,000,000 Americans quitting their jobs.

Companies have also seen their stocks lose value. For instance, Facebook lost 237 billion overnight in what was the single biggest drop in stock market history. Crypto also tanked, losing billions in value.

Contrary to what President Biden is claiming, the economy is not doing well. Biden is running a cover-up to bolster his image and chances of reelection. Cover-ups don't correct problems. Only worsens them and takes things to breaking point.

STORY SOURCE

Companies unexpectedly cut 301,000 jobs in January as omicron slams labor market, ADP says

Published Wed, Feb 2 20228:15 AM EST - Private payrolls fell by 301,000 for January versus the estimate for a 200,000 gain, according to payrolls processing firm ADP. This was the first reported net job less since December 2020 and came as surging omicron cases hit hiring.

The pandemic-sensitive leisure and hospitality industry was the hardest hit, losing 154,000 jobs. 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...

https://www.cnbc.com