September US labor market data: Delayed report shows cooling of the job market

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The release of the US labor market data for September is significantly delayed today. The reason lies in the unprecedented government shutdown of the US federal government, which made the regular publication on October 3rd impossible. This results in an unusual shift in the usual release schedule of labor market statistics.

The Numbers at a Glance

The expected labor market data paint a picture of slowdown. In September, the US outside of agriculture is expected to have created 50,000 new jobs, an increase compared to the weak August with only 22,000 jobs added. At the same time, the unemployment rate is expected to remain unchanged at 4.3 percent.

Wage development, on the other hand, shows continuity: average hourly wages are expected to rise by 0.3 percent, keeping the annual growth rate at 4.7 percent. This combination indicates a gradual cooling process in the labor market without signaling a dramatic weakening scenario.

Missing October Data

Another aspect of the government shutdown concerns the coming months: the labor market report for October will not be published at all. The reason is that the necessary survey data from the Current Population Survey (CPS) could not be collected in October 2025 due to budget cuts. This creates a data gap, which adds an extra layer of uncertainty for analysts and market participants.

The delayed publication of the September labor market data underscores how fiscal tensions can affect the normal functioning of data provision and what impact this has on the transparency of economic indicators.

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