• The delayed September jobs report may be released next week once the government reopens, according to National Economic Council Director Kevin Hassett.
  • Data integrity concerns persist after recent large revisions and the government shutdown prevented collection of some survey data.
  • The most recent figures show a sharp slowdown in job growth, with only 22,000 positions added in August.

National Economic Council Director Kevin Hassett indicated Wednesday that the long-delayed September employment report could be published as early as next week, providing markets with a crucial—if potentially flawed—snapshot of the labor market's health.

"We should see that report once the government is fully operational again," Hassett told reporters, though he cautioned that the data's reliability remains uncertain. The Bureau of Labor Statistics was just three days from releasing the September report when the government shutdown began, freezing all economic data releases.

The timing comes amid growing concerns about both data quality and underlying labor market weakness. The most recent available figure showed only 22,000 jobs added in August, with previous months revised downward to reflect even weaker momentum. Private estimates from firms including Goldman Sachs point to the possibility of job losses for October.

According to people familiar with the matter, some survey data for the affected period may never be compiled, creating permanent gaps in the statistical record. The BLS has already made the largest jobs data revisions in 50 years this year, raising longstanding concerns about data consistency.

Efforts to stabilize the statistical agency have hit further obstacles. The bureau continues to operate under interim leadership after President Trump fired Commissioner Erika McEntarfer, claiming without evidence that jobs numbers were inaccurate. A subsequent Trump nominee withdrew from consideration, leaving the agency in limbo.

"Businesses and investors are essentially flying blind," said one economic advisor who asked not to be identified discussing sensitive data matters. "Without reliable numbers, both private sector planning and Fed policy decisions become significantly more difficult."

Despite the weak jobs picture, other indicators show underlying economic resilience. Industrial production remains robust and productivity jumped 3.8% last quarter, creating a puzzling divergence between employment figures and output measures.

Hassett has previously raised doubts about the accuracy of recent jobs data, noting inconsistencies between payroll and household survey measures. The administration's immigration crackdown and government hiring freezes have also contributed to what appears to be one of the slowest paces of job growth since the pandemic.

If released next week, the September report will provide some clarity, though its value may be limited by the collection gaps and ongoing questions about data quality. For now, market participants remain in wait-and-see mode, parsing whatever partial indicators emerge from the statistical fog.

Correction: An earlier version of this article misstated the timing of the government shutdown relative to the jobs report release. The shutdown began three days before the report was scheduled for publication.