This is the worst the jobs market has looked (outside of a recession) in 50 years, says Goldman Sachs, meaning bullish GDP estimates are overly optimistic

This is the worst the jobs market has looked (outside of a recession) in 50 years, says Goldman Sachs, meaning bullish GDP estimates are overly 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 growth. Hatzius also cited temporary boosts from tariff-driven stockpiling earlier this year and warned …