UPDATE: ADP’S PREDICTION WAS OFF BY 800,000. THERE WAS AN INCREASE OF 467,000. SOMETHING’S FISHY HERE BUT THAT’S HOW IT READS SO FAR.
“The economy…hasn’t added one single job from the 2019 high watermark. Not one. All the jobs that we have seen gained are recovered jobs that were lost. We are not yet producing new jobs.” — ADP Economist Nela Richardson
The Biden Administration warned us the jobs picture might not be grand — shocker. As it happens, it isn’t. The administration is blaming Omicron but what they are not telling you is they have made it too attractive to NOT work. Not only that, first, they locked people down, then they put more oppressive mandates in place and all the while they terrorized people.
Economists expected an increase of 200,000 jobs. That number became 150,000 today. As it happens, the economy LOST 300,000 jobs.
The ADP National Employment Report released Wednesday morning states that companies lost 301,000 jobs last month. It marked the first time that ADP reported negative growth since December 2020, when companies shed 123,000 jobs before the vaccines were available.
It’s likely temporary, but it’s not good.
The job losses were concentrated heavily in the leisure and hospitality industry, one of the sectors hit hardest by the pandemic. The industry shed 154,000 jobs in December as consumers opted to stay home to avoid the new variant.
THE ADMIN WARNINGS — TO GET AHEAD OF THE BAD NEWS
Brian Deese, the director of the National Economic Council, is trying to preempt the upcoming bad news on jobs during an appearance on MSNBC. He told viewers that Friday’s numbers might be “confusing” because the jobs report can count people who are out sick and not collecting pay as unemployed when in reality, they still have jobs.
If you think they’re bad, you’re just CONFUSED.
“We expect that that will have an impact on the numbers,” Deese said Tuesday. “We never put too much weight on any individual month; this will particularly be true in this month because of the likely effect of the short-term absences from omicron.”
OH RIGHT, JUST ONE MONTH!
Joe thinks you’re stupid:
2021 was the greatest year of job growth in American history.
— President Biden (@POTUS) February 2, 2022
Add inflation and gas prices and you have Biden’s idea of great job growth.
Biden’s team blames Omicron. Several White House officials say brief absences of workers due to omicron could overstate the number of unemployed people for last month. That’s getting old. When will the administration be accountable for any of this?
There were others. Federal Reserve Bank of Philadelphia President Patrick Harker and St. Louis Fed President James Bullard similarly blamed Omicron. Labor Secretary Marty Walsh and Jen Psaki blamed Omicron.
Biden will brag about the low unemployment numbers this week — the misleading numbers.