US Labor Market Holds Steady Despite Shutdown’s Data Blackout
US Labor Market Holds Steady Despite Shutdown’s Data Blackout
The US labor market appears to be maintaining a fragile stability, even as the government shutdown has prevented the release of the official September jobs report. With the Bureau of Labor Statistics (BLS) gone dark, economists and analysts are turning to alternative data sources to gauge the health of the economy.
Unofficial figures suggest that the labor market continued its slow pace in September. The Dow Jones consensus had anticipated a modest gain of 51,000 nonfarm payrolls, with the unemployment rate holding at 4.3%. High-frequency data, including private payrolls and job postings, largely supports this outlook, indicating that while employment growth remains anemic, the market is not on the brink of collapse.
Chicago Federal Reserve President Austan Goolsbee highlighted the importance of these alternative metrics, stating, “This is what we have, and thus far it still continues to point to a pretty stable labor market.” The Chicago Fed itself recently launched a new dashboard of labor market data to provide insights during such periods.
The overarching trend from non-governmental data points to a softening labor market, characterized by gradually shrinking job availability. However, employers appear hesitant to initiate widespread layoffs, a lesson learned from the challenges of rehiring post-pandemic. Despite this, some segments, particularly young workers and recent graduates, are reportedly struggling to enter the market, signaling potential economic distress for certain households.
Disclaimer: This content is aggregated from public sources online. Please verify information independently. If you believe your rights have been infringed, contact us for removal.