said<\/a> Tuesday the labor market is \u201cprobably pretty healthy,\u201d arguing a significant decline in immigration under the Trump administration requires fewer jobs to be added to stabilize unemployment. <\/p>\nWhat Has Wall Street Projected For The Job Market?<\/p>\n
Economists projected the unemployment rate to settle at 4.3% for September, according to FactSet, despite last week\u2019s jobs report being delayed by the BLS under the government shutdown. Wall Street estimated the U.S. added about 50,000 nonfarm jobs last month, well above August\u2019s 22,000 added jobs. <\/p>\n
What Has The Fed Said About The Job Market?<\/p>\n
During its last policymaking meeting in September, the Fed forecast the labor market to weaken \u201csubstantially\u201d as the unemployment rate continued to rise above its natural rate, according to the meeting\u2019s minutes released Wednesday. A \u201cmajority\u201d of the Federal Open Market Committee meeting\u2019s participants emphasized \u201cupside risks\u201d to inflation, noting that, despite risks to the job market rising, an uptick in unemployment and a \u201csharp deterioration\u201d in labor market conditions were unlikely. Fed Chair Jerome Powell previously said the central bank moved to lower interest rates last month because of the weakening job market, suggesting policymakers had shifted concerns from stubborn inflation. <\/p>\n
What Are Americans Saying About The Job Market?<\/p>\n
Americans have grown increasingly pessimistic about hiring in recent months, according to the latest surveys released by the University of Michigan and the Conference Board. About 26.9% of consumers said jobs were \u201cplentiful,\u201d the lowest level since February 2021, while 19% said jobs were \u201chard to get,\u201d the Conference Board reported. Joanne Hsu, director of the University of Michigan\u2019s consumer sentiment survey, said Americans have become increasingly worried about the outlook for their incomes and personal finances, adding consumers feel \u201cpressure from both the prospect of higher inflation as well as the risk of weaker labor markets.\u201d<\/p>\n
Key Background<\/p>\n
The U.S. government shut down earlier this month, marking the first shutdown since a 35-day pause in 2018 and 2019. The Senate failed to pass a \u201ccontinuing resolution\u201d that would have staved off a shutdown by allowing the federal government to operate under its existing budget through Nov. 21. A shutdown has resulted in delays for federal data, like Thursday\u2019s jobless claims or last week\u2019s broader jobs report, for the first time in years. The days-long shutdown has resulted in \u201csafe haven\u201d assets, like gold and long-term Treasury yields, rising in value. Gold prices surged above the $4,000 threshold earlier this week to a fresh record, and bitcoin similarly jumped to an all-time high, despite previously being considered a riskier investment. Adam Turnquist, chief technical strategist for LPL Financial, wrote a government shutdown introduces a \u201cnew layer of uncertainty\u201d for markets, although they tend to be short-lived and result in minimal impact on the economy. <\/p>\n
Further ReadingForbesU.S. Private Sector Shed Most Jobs In Two Years Last MonthBy Ty Roush<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Topline With another jobs report sidelined Thursday morning by the ongoing government shutdown, several firms and economists have…\n","protected":false},"author":2,"featured_media":490403,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3092],"tags":[35906,51,32,151474,16484,109523,897,1757,16,97801,16919,15],"class_list":{"0":"post-490402","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-jobs","8":"tag-bureau-of-labor-statistics","9":"tag-business","10":"tag-donald-trump","11":"tag-government-shutdown","12":"tag-job-market","13":"tag-job-openings","14":"tag-jobs","15":"tag-trump","16":"tag-uk","17":"tag-unemployment-benefits","18":"tag-unemployment-rate","19":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115354306619153405","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/490402","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=490402"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/490402\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/490403"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=490402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=490402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=490402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}