US companies unexpectedly slash jobs in January as omicron surge batters economy

U.S. companies unexpectedly cut jobs in January for the first time in a year, as a surge in the highly contagious omicron coronavirus variant battered the labor market’s recovery from the pandemic, according to the ADP National Employment Report released Wednesday morning. 

Companies shed 301,000 jobs last month, sharply missing the 207,000-job gain that economists surveyed by Refinitiv had predicted and a major drop from the downwardly revised gain of 776,000 in December. It marked the first time that ADP reported negative growth since December 2020, when companies shed 123,000 jobs before the vaccines were available. 

FED SIGNALS INTEREST RATE HIKE COULD COME ‘SOON’ AS INFLATION RAGES

“The labor market recovery took a step back at the start of 2022 due to the effect of the omicron variant and

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Workers leaving jobs for trucking industry, six-figure salaries

As everyday prices and inflation concerns continue to surge across America, the trucking industry is ramping up efforts to attract the needed 80,000 drivers that will alleviate supply chain pressures.

The trucker shortage created an opportunity for Roadmaster Drivers School to open 20 locations nationwide, telling and teaching prospective drivers about the six figure starting point.

According to Metro South Community Improvement District Vice Chair Wayne Smith, drivers can earn well over $100,000 in just a few years.

“We got two applicants applying for a driving position, both in the same week… both [with] four-year degrees,” Smith told FOX Business’ Connell McShane. “I asked them, ‘Why aren’t you in the field that you studied?’”

“They said, ‘Because we can’t make the money we want

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Biden ignores disappointing December jobs figure, focusing instead on unemployment decline

President Joe Biden speaks from the State Dining Room of the White House in Washington, Friday, Sept. 3, 2021, on the August jobs report. ((AP Photo/Susan Walsh))

President Biden on Friday glossed over weak job growth in December that marked the worst month for hiring in a year, instead focusing on a surprise decline in the nation’s unemployment rate. 

The Labor Department reported Friday morning that private businesses and other employers added just 199,000 new jobs in December, well below the 400,000 gain forecast by Refinitiv economists – a troubling sign that hiring slowed even before the highly contagious omicron variant began rapidly spreading across the nation. 

WHERE ARE SURGING CONSUMER PRICES HITTING AMERICANS THE HARDEST?

But other aspects of the report painted a brighter outlook. The unemployment rate unexpectedly plunged to 3.9% from 4.2%, indicating that more Americans found jobs last month than the report suggested, and

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Jobs report, FOMC minutes, Walgreens earnings top week ahead

Stocks will kick off the first week of trading for 2022 with key jobs and consumer data. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 36338.3 -59.78 -0.16%
SP500 S&P 500 4766.18 -12.55 -0.26%
I:COMP NASDAQ COMPOSITE INDEX 15644.970696 -96.59 -0.61%

FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days. 

Monday 1/3

Jeffries Financial Group will kick off earnings for 2022 on Monday, while the Markit manufacturing purchasing manager’s index and construction spending will jumpstart the week’s economic data. 

Ticker Security Last Change Change %
JEF JEFFERIES FINANCIAL GROUP INC. 38.80 -0.19 -0.49%

Other notable events include a 5.9% increase in FedEx shipping rates for its ground, home delivery and express services and a new SEC rule that will require off-exchange issuers to make accurate, up-to-date

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Many workers have quit their former jobs, don’t look back | Business

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