US Government Shutdown: Impact on Economic Data & Job Market

US government shutdown delayed key economic data releases (CPI, jobs). Early data showed weak job growth and falling consumer confidence, raising concerns about the labor market. BLS report is awaited.

This growth complies with the 42-day federal government shutdown, the longest in united state background, which began on Oct. 1 and concluded after a bipartisan Us senate offer on Wednesday that authorized financing for government operations through Jan. 30.

White House Warning on Data Delay

Karoline Leavitt, the White Home press assistant, provided a warning on Wednesday regarding the absence of information, stating that “Democrats completely damaged the federal analytical system with October consumer price index (CPI) and work records most likely never being launched.”

Job Creation Dips Amid Shutdown

In the lack of main Bureau of Labor Stats figures, Carlyle Group information from early October revealed that just 17,000 tasks were produced in September, listed below the 54,000 projection, noting the weakest hiring because the 2020 economic downturn.

Unemployment Claims Report Delayed

The Labor Division did not launch its once a week record on the variety of Americans registering for unemployment benefits for 7 straight weeks. That out of work cases record is seen as a prospective very early indication of where the labor market is headed.

Confidence Index Drops, Job Cuts Announced

Benzinga previously reported that the Meeting Board’s Customer Self-confidence Index fell to 94.6 in October from 95.6 in September, while significant employers such as Amazon.com Inc.(NASDAQ: AMZN), United Parcel Solution Inc.(NYSE: UPS), and Intel Corp.(NASDAQ: INTC) announced significant job cuts.

The Bureau of Labor Statistics (BLS) introduced on Friday that its very first report following the government shutdown will be September’s nonfarm pay-rolls. The information is scheduled for launch at 8:30 a.m. Eastern Time on Thursday.