Goldman Sachs expects first U.S. job loss since 2020 as labor market cools
Goldman Sachs economists expect U.S. nonfarm payrolls to have declined by around 50,000 in October, marking what would be the first monthly job loss since late 2020, as signs mount that the labor market is losing steam.
In a note released Monday, Goldman said its job-growth tracker slowed to just 50,000 new jobs in October from 85,000 in September, while the Trump administration’s deferred-resignation program—which let thousands of federal employees leave their posts but remain on payrolls through September 30—will likely reduce reported employment by roughly 100,000 positions in October.
Goldman noted that the drop reflects both private-sector softness and a technical adjustment as deferred government departures finally register
