Private Job Market Data Show Mixed Signals as U.S. Government Shutdown Blocks Official Employment Report

Private-sector job data released on Nov. 7 painted a mixed picture of the U.S. labor market, BlockBeats reports, as a federal shutdown left official employment statistics unavailable. Indeed data showed October job postings fell to their lowest level since 2021, while Revelio Labs estimated 9,100 positions were cut, primarily from government layoffs, and Challenger reported 153,074 job cuts in October, a 175% year-over-year increase and the largest rise in seven months. Financial institutions offered divergent views: UBS cited weakness based on ADP and Challenger data, TS Lombard said recent releases showed no signs of further deterioration, and Bank of America described the market as cooling but not collapsing.