The most prominent statistical casualty of the partial government shutdown over the past two weeks was the non-farm payrolls report, more correctly the Employment Situation Report from the Bureau of Labor Statistics division of the U.S. Labor Department. Originally scheduled for Friday October 4th, it will be issued tomorrow morning at the usual time of 8:30 am.
The Bloomberg survey of economist is predicting that 180,000 jobs were created in September and that the unemployment rate will remain at 7.3 percent. Reuters has the same estimate from its survey.
The poor labor market was cited by the Federal Reserve in its unexpected September decision not to reduce the $85 billion of mortgage backed securities and Treasuries that the central bank buys each month in its quantitative easing program.
Payrolls have weakened recently, declining from a monthly average of 207,000 in the first quarter to 182,000 in the second and to 136,500 in the first two months of the third quarter. The unemployment rate has dropped from 7.9 percent in January to 7.3 percent in August.
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