""Due to the government shutdown, this is a challenging time to give an economic outlook speech," Federal Reserve governor Lisa Cook told an audience at the Brookings Institution on Monday. "The longer the shutdown lasts, the more data could be disrupted." But Cook insisted she and her colleagues are not "flying blind." They look to private-sector data for signals about hiring and firing, as well as anecdotal reports from a wide range of business contacts."
"A measure of employee sentiment from the job-search website Glassdoor found workers are less confident about the availability of jobs now than they've been in the last three months. Glassdoor users who received a job offer in October were less likely to turn it down than the previous month, suggesting that workers feel they have less leverage in the current market. "October's decline in employee confidence reflects how quickly economic uncertainty can ripple through the workforce," said Glassdoor's chief economist Daniel Zhao."
The government shutdown has furloughed Bureau of Labor Statistics staff for over five weeks, delaying the September and October jobs reports. Private-sector indicators offer mixed signals: a major payroll processor reported an uptick in October hiring while a consulting firm recorded a surge in layoff notices. Federal Reserve officials are relying on private payroll data and anecdotal business contacts to assess hiring and firing. Employee sentiment measures from Glassdoor show declining confidence in job availability and lower willingness to reject job offers in October, indicating reduced worker leverage and rising uncertainty among workers and job seekers.
Read at www.npr.org
Unable to calculate read time
Collection
[
|
...
]