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The 2018-2019 government shutdown resulted in a 0.4% hit to quarterly GDP, reducing it from an expected 2% to 1.6%.
Even the ADP report had lots of notes about how the BLS data benchmark revision affected their model because their model is in part trained on and meant to mimic what they think is happening in the BLS.
The question I've gotten most over the past two months is, is there a good private sector replacement for the Bureau of Labor Statistics data? And the answer is unequivocally not.
The U.S. economy's GDP was revised upward to an annualized rate of 3.8% for the second quarter, driven by stronger-than-expected consumer spending.
The 2018-2019 government shutdown resulted in a 0.4% hit to quarterly GDP, illustrating the economic impact of such events.
Wages going up when hiring isn't is suggesting that there's almost like a culling of the workforce so that the lower paid stagnant jobs aren't there anymore.
The job market has been tepid for the entire year and is still not posting good numbers. That should trigger a lot of things on the price side that we're also not seeing.