US Labor Secretary Lori Shavez-Dimer discussed the impact of shutdown on jobs data, government trimming and more during an interview in the morning with Maria.
A major economist is warning that employment generation in the US economy is slowing down as a crawl government shutdown Last week, the September Jobs report stopped the release.
Moody’s Analytics chief economist Mark Zandi wrote in a post on X on Sunday that Shutdown released the release September job reports The Bureau of Labor Statistics (BLS) was determined on Friday, due to which the data watches focus on private data reports in the absence of BLS data.
“While not a replacement, there are good private sources of jobs data,” Zandi wrote and mentioned that Revellio Labs has developed a report estimating job growth using professional networking sites such as LinkedIn as a reference point. “Statistics suggest that employment in September has increased to 60k, almost completely focused in education and healthcare sector.”
He said, “Even the possibility of this paletry profit eliminates things, as the data of the Revello has been modified much less late, as more data comes. Note that the increase in jobs last month was almost especially in California, New York and Massachusetts,” he said.
Private data sources revealed that the labor market was weak in September after delay (Al Drago / Bloomberg Getty Image / Getty Image)
Zandi pointed out from ADP to a report of previous week’s private jobs, which saw a decline of 32,000 jobs in September, focusing in the job Healthcare In very big companies.
He said small companies “are becoming the most difficult with tariffs and restrictive immigration policies, while the overall economy was seen to be much larger than the decline in the possibility of a overall economy because” government employment certainly fell in the month, given the ongoing deductions. “
He wrote, “Revio and ADP employment estimates for September suggests that the job did not increase during the month,” he wrote.
32,000 jobs were lost in private sector in September, ADP says
“Other job market data refund this estimate, in which it is difficult to get questions in your monthly vs. consumer confidence Survey. Zandi said that it has fallen and is now as low as it has come out of the epidemic in the beginning of 2021.
“The bottom line is that BLS Jobs is a serious problem to assess data not having data Economy Health And take good policy decisions. But private sources of jobs data are filling information intervals at least now. And this data shows that the job market is weak and weakening, “Zandi wrote.
Recent jobs reports slowed down the US labor market. (Photo by Ride / Getty Image / Getty Image)
According to economists voted by LSEG, BLS’s September Jobs report which was released on Friday before the government’s shutdown started on Wednesday. moreover, Unemployment rate It was estimated that he remained unchanged at 4.3%.
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Once the government ends the shutdown, BLS is expected to release the September Jobs report – although it may not immediately resume government funding as the agency will need some time to complete the report before publishing.
