Despite the longest government shutdown in history (Oct 1–Nov 12), weekly jobless claims stayed low—rising only from 218,000 to ~228,000—signaling no sharp labor market collapse, economists say. Hiring has slowed amid baby boomer retirements and reduced immigration, pushing unemployment to 4.3%. Inflation persists at 3%, fueled by Trump-era tariffs, delaying Fed rate cuts.
Consumer spending holds, but middle- and lower-income households face rising debt. Full impact awaits delayed government data.