Non-farm payroll data has not yet been released, Chicago Federal Reserve President: September unemployment rate expected to be 4.3%, labor market stable
Affected by the non-farm payroll report not being released in September, U.S. stock futures for the S&P 500 and Nasdaq 100 erased earlier gains before the market opened. Spot gold continued to rise, standing at $3,880 per ounce, up 0.62% for the day. On the same day, Goldman Sachs' analysis of unemployment claims data from U.S. states showed a slight increase in the number of unemployment claims last week
On Friday local time, due to the U.S. government shutdown, the U.S. September non-farm payroll report has not yet been released. U.S. Labor Secretary Chavez-Deremer commented on the employment situation, stating that once the government reopens, the September employment data will be released immediately; investment activities are beginning to show.
As a result of the U.S. September non-farm report not being released, U.S. stock futures for the S&P 500 and Nasdaq 100 erased earlier gains. Spot gold continued to rise, standing at $3,880 per ounce, up 0.62% for the day.
Chicago Federal Reserve President Goolsbee stated that the Chicago Fed estimates the unemployment rate for September should be 4.3%. Federal Reserve data shows that the labor market remains stable. Goolsbee is cautious about a significant rate cut in advance. He mentioned that both aspects of the Federal Reserve's dual mandate, price stability and full employment, are deteriorating.
Later that day, U.S. Senate Democrat Warren stated, "The White House has collected employment data. If Trump has nothing to hide, he should release it today, October 3."
On Thursday, due to the government shutdown, data on initial jobless claims in the U.S. was also not released, but the Labor Department provided downloadable data for most states. Goldman Sachs' analysis of unemployment claims data across U.S. states showed a slight increase in initial jobless claims last week. This analysis is based on data released by states during the federal government shutdown. Economists at Goldman Sachs, including Jan Hatzius, noted in a report to clients:
As of the week ending September 27, initial jobless claims rose to about 224,000, up from the previous report's 218,000. Goldman Sachs adjusted the existing raw data from various states using seasonal factors previously published by the Labor Department. Economists found that for the week ending September 20, the number of continuing claims for unemployment benefits fell from 1.93 million the previous week to 1.91 million.
Goldman Sachs economists estimated the initial claims numbers for Arizona and Massachusetts, assuming these claims data remained unchanged from the previous week
