Back during the Financial Melt-Down, called the Great Recession (2007-2009), I recall asking my clients how their other (external) accounts (qualified plans, IRAs, Money Markets, etc.) were doing. I tried to convey that they really needed to have some idea of how it all of their assets fit together, because the total amount would be their support in paying for college, retirement, etc. Many told me that they just put them into a drawer, because they were afraid to look.
Well yesterday, many who follow the financial markets a bit closer–Wall Streeters, concerned investors and even those working at the FED–were somewhat in the dark as the “Jobs Report” was not issued. The NY Times link is as follows: http://www.nytimes.com/2013/10/04/business/jobs-report-becomes-a-casualty-of-shutdown.html?ref=economy&pagewanted=print. I guess the Economists and Statisticians at the Department of Labor are considered Non-Essential.
Of the 2,400 employees in the Bureau of Labor Statistics (BLS), that reports such matters, only three were considered “essential”. I’m most concerned that the FED, which is charged with managing the Economy, is operating without several of their key resources. Flying blind?
Just think, there will be no one available to report all of the furloughed Government Employees when they file for Unemployment Insurance. Remember, they only have to wait one week; so, the Initial Jobless Claims would have really spiked next week–IF…there was someone on the job to report it. Also, what is the impact as the Flu Season heats-up? Food Inspectors, FAA Airport Inspectors, etc? Mostly all are furloughed.
In the past, Government Workers have always been paid retroactively. I noticed that the House voted unanimously today to re-store their paychecks, and President Obama has said that he would sign the Bill. So, now, we just need the Senate to pass it. But, what about the pain and suffering that real people have had to go through during all this aggravation? And, what about other businesses around the D.C. Area, and Government Instillations all over the Country? And, when will the Big Debt-Limit Impasse start?