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US January NFP: The First Negative Reading Since the Pandemic?
Markets got a bit shaken after we got the ADP employment figures for January yesterday. Of course, we should note that ADP has lost its reputation for being able to predict where the NFP will come out. However, it can still influence expectations. Private payrolls in the US were 301,000 lower in January. That compares to an expectation of the addition of 200,000 jobs. Generally, the sudden loss in jobs was due to omicron and the reimposition of measures in certain areas. The uncertainty of the severity of the variant could have kept employers from hiring. But, also, there is a seasonal roll-over of contracts at the ... (full story)