Companies unexpectedly cut 301,000 jobs in January as omicron slams labor market, ADP says

CNBC ^ | 2/2/22 | Jeff Cox

[C210N]

Private payrolls fell by 301,000 for the month, well below the Dow Jones estimate for growth of 200,000 and a marked plunge from the downwardly revised 776,000 gain in December. It was the first time ADP reported negative job growth since December 2020.

[C210N]

Instead of a 200k gain, a 300k loss is a 500k swing.

And, yet, DOW futures couldn't care less (with 30 min to go before market open).

[Col Frank Slade]

LETS GO BRANDON

[NicoDon]

What company is going to fire its staff because they get sick with this sort of coronavirus? None. The cost of hiring and training is higher than allowing the time off to deal with the sickness.

lies, once more.

[no-to-illegals]

Fake News

[brownsfan]

I don’t know what to make of the Dow casino.

[Mogger]

And, yet, DOW futures couldn't care less (with 30 min to go before market open).

If you can do the same of more with less overhead (cost, people), there is more profit.

[T.B. Yoits]

Most likely, the Jao Bai-din administration deceptively showed increases in November and December for temp employees hired to cover for regular employees sick with O _M M _O I _R C _O R _N O _I N _C and now have to lie as to why all those numbers dropped off.

[no-to-illegals]

Wheee …… this article is beginning to end ….. lies

[Pan_Yan]

Government service, however, remains robust.

[Texas Fossil]

Well, Duhhhh.

O’Xi-Biden’s unconstitutional experimental vaccine mandates caused this.

May the #ComDem’s wear the stench of this for many years marching past the political graveyard.

[dforest]

I have been reading that many more firings happening now because all those mandates kicked in. It could get worse.

[Houserino]

It is and always has been ‘sell on rumor buy on news’

[Kharis13]

Joe Biden: The gift that keeps on giving.

[Interesting Times]

“Unexpectedly.”

[rbg81]

Gee....I wonder how many people were fired because of the vax mandate?

[hinckley buzzard]

Maybe somewhere. The wall street adage has always been “Buy the rumor, sell the fact.”

[C210N]

Companies are preferring covidly-sick employees to come to work, while firing unjabbed Pure Bloods.

World is upside down - firing the healthy and employing the sick.

[Leaning Right]

> And, yet, DOW futures couldn’t care less <

I still think it’s all about bond rates. As long as bonds pay next to nothing, the stock market is the only place where you can hope to invest for the future.

Disclaimer #1: But high-quality short-term bonds will best ride out any Big Boom. So there’s that, if you think the Big Boom is coming.

Disclaimer #2: Warren Buffett has never called me for advice. So what do I know?

[RainMan]

That is actually a false statement.

When an employee gets sick, they take their sick leave. Once they use all their sick leave, then they need to consume their vacation. Once their vacation is exhausted, then they can go on unpaid leave, but that also has limitations of how long they can be on it. If they cannot return before they run out of unpaid leave, then they are separated from the company. I know this procedure now because I have one long term employee that we had to release because he was out beyond the max. In fact, he is only now being cleared to return to work and he first fell ill last summer. We told him we will consider re-hiring him. Another employee just returned last Friday and if had not had a Dr note clearing him to return to work, we would have had to release him yesterday. Employment is more that just keeping your desk open, it is also giving you access to other benefits like healthcare plans and 401k plans that are highly regulated as to who is allowed to participate. Plus, if your desk can sit empty for 3 months, are you really necessary? If your job is necessary, then we need to replace you if you cant do it yourself

[C210N]

Casino is exactly right.

The market is a massive pump-n-dump. Its price swings support naked short selling, where the big companies within incestuously own shares in the others - in this way, stock prices can go up for these firms, down for those firms, and nobody loses (or gains) between them.

And, the precious metals market too, Silver ESPECIALLY.