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Job creation in October likely weakened in shadow of government shutdown
WASHINGTON (MarketWatch) Flying blind is not easy for even the best of pilots. And right now, veteran economists find it almost impossible to tell how fast the U.S. is growing or how many new jobs are being created.
Whats obscured a clear view of the economy, of course, is Octobers government shutdown. The nearly three-week disruption put hundreds of thousands of people out of work, made Americans more angry and anxious, and forced investors and businesspeople to hunker down until the standoff ended.
Thats why most of the upcoming data for October, like Fridays normally crucial U.S. employment report, will be marked by asterisk. And even the first estimate of growth for the third quarter, which ended before the shutdown began, wont be able to offer much clarity.
We are going to need a couple of months because there is going to be so much noise in the data, said Scott Anderson, chief economist of Bank of the West. There are no signs of economic acceleration, but no signs of falling off the cliff, either.
The October employment report and first read of third-quarter gross domestic product are the highlights on this weeks economic calendar. A smattering of reports from September that were delayed by the shutdown, such like consumer spending, are also on tap.
read more Cloud hangs over U.S. economy, hiring plans - Economic Preview - MarketWatch
WASHINGTON (MarketWatch) Flying blind is not easy for even the best of pilots. And right now, veteran economists find it almost impossible to tell how fast the U.S. is growing or how many new jobs are being created.
Whats obscured a clear view of the economy, of course, is Octobers government shutdown. The nearly three-week disruption put hundreds of thousands of people out of work, made Americans more angry and anxious, and forced investors and businesspeople to hunker down until the standoff ended.
Thats why most of the upcoming data for October, like Fridays normally crucial U.S. employment report, will be marked by asterisk. And even the first estimate of growth for the third quarter, which ended before the shutdown began, wont be able to offer much clarity.
We are going to need a couple of months because there is going to be so much noise in the data, said Scott Anderson, chief economist of Bank of the West. There are no signs of economic acceleration, but no signs of falling off the cliff, either.
The October employment report and first read of third-quarter gross domestic product are the highlights on this weeks economic calendar. A smattering of reports from September that were delayed by the shutdown, such like consumer spending, are also on tap.
read more Cloud hangs over U.S. economy, hiring plans - Economic Preview - MarketWatch