00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Government shutdown has frozen the Bureau of Labor Statistics' monthly jobs report,
00:06forcing economists, investors, and policymakers to turn to alternative data.
00:10And according to the Wall Street Journal, payroll processor ADP, Jobsite Indeed,
00:15and newcomer Revealio Labs are among the most filling the void,
00:18offering snapshots based on payrolls, job postings, and networking platforms.
00:23J.P. Morgan economist Michael Ferroli said these data points can be pieced together into a mosaic
00:27to understand trends, though gaps remain.
00:30Podemus warned that the longer the shutdown continues, the more critical private sources will become,
00:35especially as upcoming reports on consumer prices and retail sales are also delayed.
00:39The market has already weakened enough to prompt a Fed rate cut,
00:42and alternative data providers are gaining influence as Wall Street adapts
00:45to a prolonged absence of official statistics.
00:48For all things money, visit Benzinga.com.
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