The BLS is experiencing technical difficulties ahead of the Nonfarm Payrolls data at 08:30 ET.

The BLS is experiencing technical difficulties ahead of the Nonfarm Payrolls data at 08:30 ET.

The Bureau of Labor Statistics (BLS) is currently experiencing technical difficulties ahead of the release of the Nonfarm Payrolls data at 08:30 ET today. This delay comes amidst growing concerns about the health of the U.S. jobs market and the broader economy.

Recent economic data has pointed to a cooling labor market. In early August, the BLS reported that the economy added only 73,000 jobs, far below expectations. Job openings in the U.S. fell to 7.18 million, the lowest level since September 2024, and for the first time since April 2021, job openings are now lower than the total number of unemployed workers [1].

Outplacement firm Challenger, Gray & Christmas revealed that U.S. employers had announced 85,979 job cuts in August, an increase of 39 percent from July and 13 percent from August of last year [1]. This trend is echoed by ADP's report, which showed that private-sector employers added only 54,000 jobs in August, down from 106,000 in July [1].

Economists are increasingly concerned about the slowdown in the labor market. Mark Zandi, Chief Economist at Moody's, expects only a meagre 50,000 jobs to have been added in August, with further downward revisions to past data possible [1]. Arindrajit Dube, professor of economics at the University of Massachusetts Amherst, suggests that the slowdown in hiring and job openings could reflect a recession [1].

The University of Michigan's mid-August report on consumer sentiment indicates that 60 percent of consumers expect unemployment to worsen over the next 12 months, a reading last seen during the Great Recession [1]. This sentiment reflects the real-time changes in the jobs market that people are experiencing.

The upcoming Nonfarm Payrolls report will be closely watched to gauge the threat of recession. The new leadership at the BLS will be scrutinized for their handling of the data, and any further revisions to past data could lead to a legitimate debate over whether the economy is already in a recession [1].

References:
[1] https://www.newsweek.com/something-not-right-american-jobs-market-2124667