The ADP Employment report showed that there were 301,000 job losses in January, which was well below the 200,000 gain expected. The previous report was revised slightly lower from 807,000 to 776,000. As we had mentioned earlier in this week, we thought the Jobs figures could come in negative because the way they collect the data. Over 14 million workers missed work at some time during January due to Omicron, and if they were not working and not receiving paid sick leave during the sample week that they look at, they were not counted as employed. The sample week was the week that included the 12 and the peak of cases was January 11th. And since most of the job losses came from small sized businesses, particularly those with 1-19 employees, there is a good chance many are not paying sick leave.