The Unofficial Jobs Numbers Are In and It's Rough Out There
Source: msn
Konrad Putzier • 1h • 3 min read
A host of alternative jobs data from Wall Street are pointing in the same direction: The U.S. labor market is losing steam.
These numbers are getting more attention while the federal government shutdown keeps the lights off at the Bureau of Labor Statistics, delaying new data in an unsettled time for the jobs market.
In the federal data void, Bank of America this week said it is seeing signs of rising unemployment and slowing job growth in its customers’ data. Private-equity company Carlyle Group, extrapolating from companies in which it owns stakes, said Tuesday that it thinks overall U.S. jobs growth slid in September from an already weak official reading in August. Goldman Sachs said its measure of labor-market tightness fell last month back to levels seen in 2015, indicating a tough landscape for job seekers.
These follow a report from payroll processor ADP last week that said U.S. employers shed private-sector jobs last month.
These and other alternative data sources have their drawbacks—they often only cover a small share of the labor force and using them to estimate the state of the broader job market can be tricky. These numbers don’t always match with government data, though the government numbers themselves have seen some steep revisions lately as the BLS struggles with falling response rates to its surveys................
Read more: https://www.msn.com/en-us/money/markets/the-unofficial-jobs-numbers-are-in-and-it-s-rough-out-there/ar-AA1O4syQ?ocid=winp1taskbar&cvid=68e6444e01ce4d948d1e921e2ece9ba3&ei=15
I am in the mode of buying essentials ONLY last since last spring.
“The employment numbers have clearly deteriorated,” said Jake Oubina, senior economist at Piper Sandler. Profit margins are down because of tariffs, and that makes companies less likely to hire, he said.
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