US private sector employment plunged by 301,000 jobs in January after jumping by a downwardly revised 776,000 jobs in December, payroll processor ADP reported on Wednesday, reflecting the impact of the Omicron variant of the coronavirus. Employment in the leisure and hospitality sector led the way lower, slumping by 154,000 jobs in January after seeing substantial gains in the fourth quarter. The trade, transportation and utilities industry also cut 62,000 jobs, while employment in the manufacturing sector fell by 21,000 jobs.
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