Private Data Show Job Losses In October

Benzinga

The U.S. economy lost jobs in October as the prolonged government shutdown complicated labor data and reduced government payrolls. Analysts warn that the labor market is weakening, with furloughs and delayed employment reports masking the full impact. Small businesses are also beginning to scale back hiring.

Transcript

00:00It's Benzinga, bringing Wall Street to Main Street.

00:02U.S. economy shed jobs in October as private data pointed to weakening labor conditions

00:06amid a prolonged government shutdown, according to Reuters.

00:09Revolio Labs reported 9,100 job losses in October, including a 22,200 decline in government payrolls,

00:16though it's unclear if the drop reflects buyouts or furloughs from the shutdown.

00:20Chicago Fed said the October jobless survey overlapped with the ongoing government shutdown,

00:24which has complicated labor market estimates.

00:26The CBO projected the unemployment rate could rise by 0.4 percentage points

00:30if all 670,000 furloughed federal workers were counted as temporarily unemployed.

00:35The ongoing government shutdown has delayed the Labor Department September and October employment reports

00:40with uncertainty over their eventual release.

00:43Analysts warn that even small businesses are now scaling back hiring.

00:46For all things money, visit Benzinga.com.

Category

Transcript

Be the first to comment

Recommended