The U.S. government shutdown has delayed the release of official employment data, prompting markets to rely on alternative indicators to assess the labor market in September. The Chicago Fed estimates the unemployment rate remains at 4.3%, indicating stability but weak job growth. ADP data reveals a reduction of 32,000 jobs in private companies, while Intuit reports over 48,000 layoffs in small businesses. Challenger's report shows a 37% month-over-month decline in layoffs, yet annual hiring plans are at their lowest since 2009. These signs suggest a stagnant labor market, potentially influencing the Federal Reserve to continue rate cuts.