Video Transcript
Today should have been the day that the government releases the jobs report, reporting on the month of September, but the government is shut down. The department that reports the data is not considered essential, so nobody is at work. But, that doesn't mean that the economy stopped. And it doesn't mean that your life is on hold. But what it does mean is there is a much greater chance that all of us are going to suffer because non-government data from companies that process a lot of the paychecks that you and I get each month, these companies and their data is painting a bleak picture of US employment. They're showing a loss of jobs in the economy. That's the second time this year. And that is something that does not happen in a healthy, performing economy. Plus there's no official government data that we have to back that up or to refute it which means that when the Federal Reserve meets October 28th and 29th, it, too, will not have data to act on. We're entering a recession. Should the Fed be dropping rates 25 basis points to stop it? Should it be 50? Are we in a crisis? Do we need 75? A hundred? Who knows. We've got no data. I'm Dan with Homebuyer.com. Happy homebuying.
US Jobs Data Goes Dark -- How It Changes Buying A House
The U.S. jobs report for September was not released due to a government shutdown, impacting the availability of essential employment data. Non-government sources indicate a loss of jobs, raising concerns about a potential recession and complicating the Federal Reserve's upcoming decision on interest rates.
Video Transcript
Today should have been the day that the government releases the jobs report, reporting on the month of September, but the government is shut down. The department that reports the data is not considered essential, so nobody is at work. But, that doesn't mean that the economy stopped. And it doesn't mean that your life is on hold. But what it does mean is there is a much greater chance that all of us are going to suffer because non-government data from companies that process a lot of the paychecks that you and I get each month, these companies and their data is painting a bleak picture of US employment. They're showing a loss of jobs in the economy. That's the second time this year. And that is something that does not happen in a healthy, performing economy. Plus there's no official government data that we have to back that up or to refute it which means that when the Federal Reserve meets October 28th and 29th, it, too, will not have data to act on. We're entering a recession. Should the Fed be dropping rates 25 basis points to stop it? Should it be 50? Are we in a crisis? Do we need 75? A hundred? Who knows. We've got no data. I'm Dan with Homebuyer.com. Happy homebuying.
