JP Morgan Chase: Without non-farm payroll data, the Federal Reserve can also cut interest rates in October with confidence
2025-10-03 09:30:05
Due to the government shutdown, the Bureau of Labor Statistics is not expected to release a non-farm payrolls report on Friday. However, a number of recently released private sector indicators pointed to weak hiring, limited layoffs, modest wage growth and some easing in labor demand in September. The data are broadly consistent with the low hiring and low layoffs seen before the government data was suspended. "Even without the non-farm payrolls report, we can get a rough idea of what's going on in the labor market," said Michael Feroli, chief U.S. economist at JPMorgan Chase & Co. "Given what we've seen, I think the Fed can safely cut rates later this month." (Jin Ten)
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