America lost 301,000 jobs in January – ADP

Companies cut jobs in January for the first time in more than a year, 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.
MacDailyNews Take: So, the estimate by “the experts” was only off by 501,000 jobs.

Jeff Cox for CNBC:

It was the first time ADP reported negative job growth since December 2020.
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.
Manufacturing also lost 21,000 positions, while education and health services reported a drawdown of 15,000 and construction fell by 10,000.
Service-providing industries were responsible for 274,000 of the job losses, with goods producers falling by 27,000.
From a business-size standpoint, the job losses were concentrated at small firms, with companies employing fewer than 50 people seeing a drop of 144,000. Businesses with more than 500 employees lost 98,000, while medium-sized firms declined by 59,000.

MacDailyNews Take: Obviously, a healthy American economy benefits Apple, as the country is Apple’s largest market, by far.
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