This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Jobs Report Delayed for First Time Since 1996

NEW YORK (TheStreet) -- The Bureau of Labor Statistics didn't print its monthly employment report on Friday, marking the first time in more than 17 years that a government shutdown prevented the agency from fulfilling its duty.

The news didn't surprise investors as the Labor Department's Web site announced Thursday that it wouldn't issue the report due to a lapse of funding amid the closure sparked by the congressional impasse.

The last time the Bureau of Labor Statistics delayed the jobs report because of a shutdown was Jan. 5, 1996, when the government was in the middle of a 21-day dispute. If the December 1996 delayed report is any indication of how long investors will have to wait for the September 2013 data to emerge, it could be another three weeks.

The unemployment rate and nonfarm payrolls finally printed on Jan. 19, 1996, a 14-day postponement.

Must Read: Home Asking Prices Rise 2% in September, Point to Slowdown

While the Federal Reserve, financial sector and Americans rely heavily on the jobs data, analysts and economists say there's no reason yet for markets to panic.

"It sort of reminds me of a kid who was forced to miss Halloween, where you feel a little downhearted the day of or even the day after, but you know it's not going to be the end of the world," said Sam Stovall, chief equity strategist at S&P Capital IQ.

"We are OK for the moment, but it's important that we have current and recent information," said Tanweer Akram, senior economist at ING Investment Management. "It's not just nonfarm payroll data we won't be getting, CPI and PPI and other data from the BLS. That is of natural concern, particularly if the government shutdown extends."

Investors are relying on Wednesday's ADP monthly private payrolls and Thursday's weekly jobless claims to get a sense of the current labor situation in the United States. ADP reported 166,000 private payrolls added in September -- economists surveyed by Bloomberg Data were expecting a rise of 180,000 -- while weekly jobless claims rose 305,000, less than expected.

Economists polled by Thomson Reuters were looking for nonfarm payrolls in September to rise 180,000 and for the unemployment rate to remain unchanged at 7.3%.

-- Written by Joe Deaux in New York.

>Contact by Email.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $118.44 -2.36%
FB $94.14 0.14%
GOOG $631.21 0.90%
TSLA $259.99 -2.31%
YHOO $36.69 0.05%

Markets

Chart of I:DJI
DOW 17,598.20 -91.66 -0.52%
S&P 500 2,098.04 -5.80 -0.28%
NASDAQ 5,115.3820 -12.8990 -0.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs