JPMorgan: Even without nonfarm payroll data, the Federal Reserve can confidently cut rates in October

Jinse Finance reported that due to the government shutdown, the U.S. Bureau of Labor Statistics is not expected to release the non-farm payroll report on Friday. However, several recent private sector indicators show weak hiring in September, limited layoffs, moderate wage growth, and some easing in labor demand. The data largely aligns with the low hiring and low layoff situation before the government data release was suspended. Michael Feroli, Chief U.S. Economist at JPMorgan, stated: "Even without the non-farm payroll report, we can still get a general sense of the labor market's condition. Given everything we've seen, I think the Federal Reserve can confidently proceed with a rate cut later this month." (Golden Ten Data)