US private companies cut 301,000 jobs in January due to Omicron surge
February 3, 2022, 3:41 am

US private companies cut 301,000 jobs in January due to Omicron surge

USA-Philadelphia city/Pixabay

The Xinhua reported, payroll data company Automatic Data Processing (ADP) said Wednesday, private companies in the United States slashed 301,000 jobs in January, indicating a disrupted recovery in the labor market amid Omicron surge.

Nela Richardson, chief economist at ADP said: "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."

She said: "The majority of industry sectors experienced job loss, marking the most recent decline since December 2020."

Richardson noted that leisure and hospitality saw the "largest setback" after substantial gains in fourth quarter 2021, with job losses of 154,000.

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Service sector saw 274,000 jobs lost in January, while goods-producing sector cut 27,000 jobs, according to the report produced by the ADP Research Institute in collaboration with Moody's Analytics.

Large firms slashed 98,000 workers, medium-sized businesses let go of 59,000, while small companies cut 144,000 employees, the report showed, indicating an unbalanced recovery across different company sizes.

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The ADP report came two days before the crucial monthly employment report to be released by the Labor Department's Bureau of Labor Statistics, which will include employment data from both the private sector and the government.

Source: xinhua

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”