When did it become OK to play political Calvin ball with the faith and good credit of the United States of America? Such are the hidden whispers that the debt ceiling will be used as yet another gun to the head of America, a hostage taking bargaining chip, in spite of the claims to the contrary.
The DOL reported people filing for initial unemployment insurance benefits in the week ending on September 28th, 2013 was 308,000, a 1,000 increase from the previous week of 307,000. Since the monthly unemployment report will not be released due to the shutdown, we show below the correlation of initial unemployment claims to payroll growth.
ADP's proprietary private payrolls jobs report shows a gain of 166,000 private sector jobs for September 2013. ADP revised their August job figures down by 17,000 to 159 thousand jobs. Since the government shut down will cause the BLS September jobs report to not be released, below we compare BLS job figures to the initial ADP release.
The September ISM Manufacturing Survey shows PMI increased 0.5 percentage points to 56.2%. Seems the survey results are holding and PMI is now at the highest level for the year, although of course the latest Congressional economic sabotage through shutdown and debt ceiling hostage taking hasn't hit the manufacturing sector yet.
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