No Jobs Report Friday
Thanks to the shutdown, there will be no Jobs Report issued on Friday:
The Bureau of Labor Statistics will not release the September jobs report on Friday as a result of the government shutdown, the Labor Department announced Thursday morning.
“Due to the lapse in funding, the Employment Situation release which provides data on employment during the month of September, compiled by the U.S. Department of Labor’s Bureau of Labor Statistics, will not be issued as scheduled on Friday, October 4, 2013,” read a brief statement posted on the Labor Department website.
An alternative release date has not been scheduled, according to the memo.
The monthly jobs report is typically released the first or second Friday of each month. The two topline numbers are the unemployment rate and the total number of jobs added to the economy during the previous month. These figures are derived from the payroll businesses survey and the household survey.
Theoretically, of course, the report could be released soon after the shutdown is resolved, but given that we’re at the point where it’s hard to see how or when we’ll reach a resolution it’s anyone’s guess when that will be. Significantly, though, the lack of a Jobs Report could have important economic ramifications:
The monthly jobs report is one of the most important economic indicators for economists and market watchers. In recent months, the reports have received extra scrutiny as markets look for signs of when the Federal Reserve might start pulling back on its bond-purchasing program, also known as quantitative easing.
Fed Chairman Ben Bernanke has previously indicated that the central bank may begin to ease back on its stimulus as early as this year, but analysts say the economic volatility accompanying the government shutdown and the looming threat of a debt default could delay tapering.
Yea, that’ll certainly calm the markets down.