US job creation 'anaemic'
|The limited privately or state-sourced data that we are still getting from the US suggests that job creation remains anaemic, but layoffs remain at very low levels.
Last week's Challenger layoff report seemed to show a spike in firings, but we would heavily discount this particular data point, as it has not been a reliable indicator in the past. While the US economy appears relatively undamaged by the shutdown, we have not yet received sufficient enough data to confirm this thesis.
We have also long contested that this could quickly begin to change should the closure drag on for any significant amount of time. Air travel cancellations and chaos this week may be the first sign of lasting damage.
We do, however, expect the additional political pressure from this and other impacts to bring about an agreement that will restore the normal flow of data and economic reports soon.
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