Reflecting the impact of the Omicron variant of the coronavirus, payroll processor ADP released a report on Wednesday unexpectedly showing a sharp pullback in U.S. private sector employment in the month of January.
ADP said private sector employment plunged by 301,000 jobs in January after jumping by a downwardly revised 776,000 jobs in December.
The steep drop surprised economists, who had expected private sector employment to increase by 207,000 jobs compared to the spike of 807,000 jobs originally reported for the previous month.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.