One labor market research group has issued a report that the United States has lost hundreds upon thousands of jobs since last month in what it calls the first negative jobs report since Old Uncle Joe took the reins.
Released this past Wednesday, the ADP Research Institute stated in a report that the U.S. economy hemorrhaged well over 300,000 jobs in January. Nela Richardson, the ADP Chief Economist, placed the blame on the effects of the outbreak of the Omicron variant for the massive drop in employment.
“The labor market recovery took a step back at the start of 2022 due to the effect of the Omicron variant and its significant, though likely temporary, impact to job growth,” stated Richardson in a release. “The majority of industry sectors experienced job loss, marking the most recent decline since December 2020. Leisure and hospitality saw the largest setback after substantial gains in fourth-quarter 2021, while small businesses were hit hardest by losses, erasing most of the job gains made in December 2021.”
The administration of Old Uncle Joe has been seemingly been preparing for a lackluster January jobs report that is slated to come out on Friday. Officials with the administration have already taken steps to go on networks to try and downplay the significance of the upcoming jobs report, issuing claims that the Omicron variant has put a temporary damper on all job growth, but it will pass quickly.
Brian Deese, the director of the National Economic Council, made an appearance on MSNBC this past Tuesday to issue warnings about a disappointing report and to try to get ahead of any concerns that the overall economic recovery may be faltering. As reported by The Washington Examiner:
Brian Deese, the director of the National Economic Council, tried to preempt the news 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.
“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.”
Along with Omicron, the U.S. economy has slammed with a steadily increasing rate of inflation. Back in December, prices for consumers spiked at the fastest annual rate since way back in 1982. As reported by The Daily Wire:
On Wednesday, the Labor Department revealed data showing that in December, consumer prices rose by 7% over the previous year, the fastest increase in roughly 40 years. The Labor Department’s Bureau of Labor Statistics showed the consumer price index increased 7%, the fastest increase since 1982.
“The latest Consumer Price Index data, released Wednesday by the Bureau of Labor Statistics, marks the third consecutive month in which the index, a measure of what consumers pay for goods and services, rose by more than 6 percent,” NBC News reported.
Bottlenecks within the supply chain have also taken their toll on inflation rates as companies raise prices as the supply of goods starts to dwindle. Back in November, a report from the United Nations warned that these issues from the supply chain could cause prices for goods such as furniture and computers by well over 10%.