"They have something called the payroll survey and then the household survey. The payroll survey is firms mailing in records and firms that forgot to mail in records because of the shutdown, they could mail them in retroactively. The household survey is where people call people up and say, How are you doing today? The household survey wasn't conducted in October, and so we'll get half the employment report."
"The household survey wasn't conducted in October, and so we'll get half the employment report. We'll get the jobs part but we won't get the unemployment rate. And that will just be for one month. But it probably is true we probably will never we'll probably be able to concoct something, but we'll never actually know for sure what the rate was in October."
"How many billion? You know, the CEA (Council of Economic Advisors) guesstimates it's about 15 billion a week, Hassett said. So that adds up. you can multiply it out yourself. the thing is, because of the airlines being slowed down and everything, the CEA now estimates it lost 60,000 American jobs not for government workers just because of the reduced output. So right now I think we're looking at GDP (Gross Domestic Product) fourth quarter 1 1/2% lower than it would have be"
The federal shutdown prevented conduction of the October household employment survey, so the unemployment rate for October will be unavailable while the payroll survey data may be retroactively submitted. The missing household survey means only the jobs count may be reported, producing an incomplete employment report for one month. The Council of Economic Advisors estimates about $15 billion in weekly economic losses during the shutdown and about 60,000 non-government job losses from reduced output. Those losses are estimated to reduce fourth-quarter GDP by roughly 1.5 percentage points.
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