![]() ![]() MacDailyNews Take: Obviously, a healthy American economy benefits Apple, as the country is Apple’s largest market, by far. Businesses with more than 500 employees lost 98,000, while medium-sized firms declined by 59,000. Service-providing industries were responsible for 274,000 of the job losses, with goods producers falling by 27,000.įrom 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. Manufacturing also lost 21,000 positions, while education and health services reported a drawdown of 15,000 and construction fell by 10,000. Trade, transportation and utilities cut 62,000 while the other services category declined by 23,000. Leisure and hospitality industry was responsible for more than half of the decline, as companies reported a drop of 154,000. It was the first time ADP reported negative job growth since December 2020. MacDailyNews Take: So, the estimate by “the experts” was only off by 501,000 jobs. Private payrolls fell by 301,000 for the month, well below the Dow Jones estimate for growth of 200,000. Companies cut jobs in January for the first time in more than a year, payroll processing firm ADP reported Wednesday. ![]()
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