U.S. Employment Market Faces Challenges Amid Government Shutdown

According to BlockBeats, despite the U.S. government shutdown affecting the release of several employment data, private institutions and companies have made their own assessments of the U.S. job market. Private institutions have reported varying insights. Job site Indeed noted that the number of job postings at the end of October fell to its lowest level since 2021. Revelio Labs estimated a reduction of 9,100 jobs in October, primarily due to layoffs in government sectors. Additionally, Challenger's report indicated that U.S. companies announced 153,074 job cuts in October, marking a 175% year-on-year increase and the largest rise in seven months. The total number of layoffs this year has increased by 65% compared to the previous year. Financial institutions have also weighed in on the situation. UBS Group highlighted that data from ADP and Challenger suggest the labor market remains weak. TS Lombard observed that recent data do not show signs of further deterioration in the job market. Bank of America noted that while the U.S. employment market continues to slow, there has been no substantial change compared to the already turbulent September. The market is cooling but has not collapsed. Ernst & Young pointed out that whether due to weak hiring demand or the emergence of new technologies like AI, business leaders believe the demand for talent is decreasing, which is expected to be a reality in the future.