This is the worst the jobs market has looked (outside of a recession) in 50 years, says Goldman Sachs, meaning bullish GDP estimates are too optimistic
Goldman Sachs’ Jan Hatzius warned that U.S. GDP estimates showing 3.8% growth in Q2 and 3.3% in Q3 may be overstated, due to missing data from the government shutdown and weakening labor trends. He pointed to falling employment indicators and survey data signaling stagnation, arguing job market weakness offers a more accurate gauge of current…
