The delayed US labor market data for September is finally here – what does it mean for the markets?

After weeks of delay due to the historic US government shutdown, the September employment data is finally available. The release, originally scheduled for early October, was pushed back today. At the same time, the cancellation of the October report is overlooked – a direct result of the unprecedented budget cuts.

**What the numbers show**

The US employment data for September indicates a significant slowdown. Non-farm payrolls increased by 50,000, a substantial decline compared to 22,000 in August. These figures do not suggest a stable labor market – rather, they highlight growing economic concerns.

**Stability in unemployment rate and wages**

On the positive side: the unemployment rate remains unchanged at 4.3%. Wage growth also shows stability – average hourly wages increased by 0.3% in September, keeping the annual growth rate at 4.7%. A moderate wage development that limits inflationary pressure.

**The context: government shutdown as data graveyard**

The longest shutdown in US government history has not only delayed September data. The current budget freeze also results in the October report being entirely omitted – the necessary household surveys within the Current Population Survey could not be conducted.

Bottom line: an cooling labor market meets administrative chaos. Investors should prepare for limited data points.