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Experts worry government shut down could hurt employment numbers for November
ALBANY -- The 16 day partial government shut down may be over, but it's left a lasting effect on unemployment numbers in the month of October. It could trickle into November, and here in the Capital Region, we are no exception.
"We have more jobs per capita than virtually any other city in New York state, and in many other markets in the country, so we're actually doing very well, but the numbers did drop down somewhat," Dan Moran, president of Next-Act tells us.
We may be fairing better than most of the nation, but experts are worried about November's numbers after October's were just released.
Dan Moran tells us October's numbers seem very high because there was an extra week recorded on the payroll report due to the shutdown.
Economists have their eyes on adjustments when the real data comes in, because of the way the federal government reported that data this past month.
"When the real data comes in, it's going to adjust the numbers up. so I think what you'll see is the number of new jobs come down, the number of unemployed go up, and that's going to increase the unemployment rate."
Also uncertainty, something employers keep in mind.
"What happens with employers is as soon as there is any uncertainty at all, it could be a bad economic report, what we saw in the shutdown. it isn't that jobs go away, jobs are stalled, and that's what happened in October," says Moran.
"It is not coming back the way we thought it would, because we have another big variable in the market right now and that is the impact of the affordable healthcare act, which is probably going to be more significant," he adds.
Hiring was already weakening before the shutdown. Employers added an average of just 143 thousand jobs from July through September.
That's down from an average of 182 thousand from April through June.