Welcome to day 2 of the federal government shutdown, which means that today’s scheduled non-farm payrolls report for September will be postponed until the Bureau of Labor Statistics reopens. The timing for a data blackout is especially problematic because uncertainty is increasing about the economy. The already-challenging environment for setting monetary policy, due to the still-evolving impact from tariffs, is making the Federal Reserve’s job even harder, a scenario that lifts the possibility of a policy mistake. In the current climate, published data from private sources and Federal Reserve banks, which are still operating, are increasingly valuable. Here’s a quick look at some key economic updates published so far this week as the data void for official reports continues.
Daily Archives: October 3, 2025
Macro Briefing: 3 October 2025
Announced US job cuts fell 37% in September vs the previous month, according to Challenger, Gray & Christmas, an outplacement firm. Year to date, however, the number of announced cuts is the highest since 2020. “Right now, we’re dealing with a stagnating labor market, cost increases, and a transformative new technology. With rate cuts on the way, we may see some stabilizing in the job market in the fourth quarter, but other factors could keep employers planning layoffs or holding off hiring,” said Andy Challenger, senior vice president at the firm.
