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JPMorgan Chase: Even without non-farm payroll data, the Fed can still cut interest rates in October

due to the government shutdown, the U.S. Bureau of Labor Statistics is not expected to release the non-farm payroll report on Friday. However, several recent private sector indicators have shown weak hiring, limited layoffs, moderate wage growth, and a slight easing in labor demand in September. The data largely aligns with the low hiring and low layoff situation before the government data was suspended. Michael Feroli, chief U.S. economist at JPMorgan Chase, said, "Even without the non-farm payroll report, we can still have a rough understanding of the labor market situation. Given everything we have seen, I believe the Federal Reserve can confidently cut interest rates later this month." 

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