Summary
In September, hiring in the U.S. did not show significant growth, despite strong business investment and consumer spending. Private sector data, such as the ADP report and job postings from Indeed, hint at a slow labor market, while government data is delayed due to a government shutdown. Economists and policymakers face uncertainty about the labor market's health and future movements.
Key Facts
- Hiring was slow in September, with weak job growth continuing from the summer.
- The ADP report indicated a loss of 32,000 private sector jobs in September.
- Job postings on Indeed decreased by 2.5% from the previous month.
- The ISM reported job losses in both service and manufacturing sectors, although at a slower pace.
- Private sector data lacks information on the size of the labor force and the unemployment rate, which are usually provided by government surveys.
- The Chicago Federal Reserve estimated the unemployment rate to remain at 4.3% in September.
- Goldman Sachs estimated about 224,000 initial jobless claims in the final week of September.
- The delay in government data affects uncertainty around labor market conditions and Fed policy decisions.
