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US companies slash jobs for the first time since April, ADP report shows

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coronavirus crisis has stalled amid a resurgence in cases nationwide, according to the ADP National Employment Report released Wednesday.The report showed that companies shed 123,000 jobs last month, missing the 88,000-job increase that economists surveyed by Refinitiv had predicted."As the impact of the pandemic on the labor market intensifies, December posted the first decline since April 2020," Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, said in a statement.The job losses were concentrated heavily in the leisure and hospitality industry, one of the sectors hit hardest by the pandemic.

The industry shed 58,000 jobs in December as state and local governments implemented new lockdown measures restricting indoor.

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