WSJ What’s News – "It’s Jobs Friday, But Without the Data"

Date: October 3, 2025
Host: Kate Bullivant
Key Contributor: Justin Lehart, Daniel Bark

Episode Overview

This episode addresses the fallout from the ongoing U.S. government shutdown, with particular focus on its disruption of the monthly jobs report—a critical data source for markets, policymakers, and analysts. The show also covers political maneuvering over health care, U.S. military action against drug cartels, international developments in Europe and the Middle East, and a headline-making Taylor Swift album release.

Key Discussion Points & Insights

1. Government Shutdown and Political Fallout

[01:02–02:38]

• The government shutdown entered its third day, intensifying partisan blame between President Trump, House Speaker Mike Johnson, and House Minority Leader Hakeem Jeffries.
• Mike Johnson (01:24): "Call your senators, your Democrat senators, the 44 people who want to shut the government down. You should call them right now and tell them to get here and get to work and open the country up for the people."
• Hakeem Jeffries (01:34): "Let's find a bipartisan path forward and let’s address the Republican health care crisis."
• Inside the White House, there’s rising concern about political backlash from letting health care subsidies expire, impacting millions. There are internal discussions about extending enhanced subsidies for Affordable Care Act plans, but no decision from President Trump.

2. Economic Uncertainty Without Jobs Data

[02:38–06:17]

• The shutdown has delayed the Bureau of Labor Statistics monthly jobs report and paused other crucial data releases (inflation, retail sales, trade data).

• Justin Lehart (02:38): "The BLS will not be reporting the September jobs report on Friday. Usually... they're trying to figure out, you know, what's going on with the labor market. And we're not going to get that."

• The timing worsens economic uncertainty, with a weakening job market, steady consumer spending, and stubborn inflation—a "moment where the job market appears to have really deteriorated... now really kind of flying with instruments."

• The Federal Reserve’s upcoming meeting may be affected if data remains unavailable.

• Immediate Impact:

  • Markets, economists, and the Fed must turn to alternative data (ADP payrolls, Revelio Labs, credit card spending, Price Stats inflation trackers).
  • Justin Lehart (04:29): "So ADP... have employment data that came out on Wednesday. It looked rather weak. There's a sort of a newcomer called Revelio Labs... It wasn't as bad as ADPs."
  • Most economists still prefer official government data, as private data is built atop government-sourced frameworks, including things like the inflation basket.
  • Lehart (06:07): "Without those baskets, you don't really know what's going on with inflation. Right. So they need that stuff."

3. U.S. Military Action and Latin American Cartels

[06:54–07:54]

• Senators demanded legal justification from the Pentagon for strikes on alleged drug boats in the Caribbean. The Pentagon invoked President Trump’s designation of some Latin American cartels as “foreign terrorist organizations,” giving the military broad authority.
• In a confidential notice, Trump declared the U.S. in a "non-international armed conflict" with the cartels.

4. International Developments

[07:54–09:25]

• Gaza: Israel deported activists, including Greta Thunberg, after intercepting their aid vessel to Gaza, sparking global protests.
• President Trump on Gaza: Warned Hamas to accept his peace plan or face more Israeli military pressure, claiming to be close to a deal.
• Europe Drone Incursions:
  • Munich Airport briefly shut after drone sightings; NATO countries are reviewing air defense.
  • Putin’s Denial (08:54): Russian leader denies responsibility for drone incursions over several European countries, calling NATO’s claims “efforts to inflame tensions.”
  • Daniel Bark translates Putin (09:25): “This is also one of the ways to escalate the situation in general, to fulfill the Washington boss's orders and increase defense spending.”

5. Taylor Swift’s Album Drop

[09:41–10:08]

• Taylor Swift released her 12th studio album, "The Life of a Showgirl," at just 40 minutes—her shortest yet—which immediately set Spotify download records.

• The album was largely written during her ERAS tour, as previously revealed on her fiancé Travis Kelce’s podcast.

• Taylor Swift (via New Heights podcast, 10:08):

  • “It just comes from like the most infectiously joyful, wild, dramatic place I was in in my life. And so that effervescence has come through on this record. And like, as you said, bangers.”

Notable Quotes

• Mike Johnson (01:24):
  “Call your senators, your Democrat senators, the 44 people who want to shut the government down. You should call them right now and tell them to get here and get to work and open the country up for the people.”
• Justin Lehart (02:38):
  “...the BLS will not be reporting the September jobs report on Friday... we're not going to get that. And as long as the government shutdown persists, there's going to be a lot of other data that isn't going to be available.”
• Justin Lehart (04:29):
  “ADP... have employment data... There’s a sort of a newcomer called Revelio Labs that scrapes data from LinkedIn... When it comes to inflation, there are people who scrape websites for prices, primarily an outfit called Price Stats.”
• Putin, via Daniel Bark (09:25):
  “This is also one of the ways to escalate the situation in general, to fulfill the Washington boss's orders and increase defense spending.”
• Taylor Swift (10:08):
  “It just comes from like the most infectiously joyful, wild, dramatic place I was in in my life. And so that effervescence has come through on this record. And like, as you said, bangers.”

Segment Timestamps

• 00:18–01:02 — Top headlines and political concerns
• 01:02–02:38 — Government shutdown and political fallout
• 02:38–06:17 — Missing jobs data; market/analyst impact; alternative data
• 06:54–07:54 — U.S. military action against drug cartels in the Caribbean
• 07:54–09:25 — Gaza flotilla and deportations; European drone incidents; Putin's remarks
• 09:41–10:08 — Taylor Swift album detail and impact

Tone & Takeaways

The episode blends a matter-of-fact Wall Street Journal reporting style with sharp, real-time insights. The hosts and reporters maintain an urgent, analytical tone as they unpack how the lack of federal data upends economic understanding and market reactions, while not losing sight of the ongoing political maneuvering domestically and globally. The Taylor Swift item adds a splash of pop culture energy amid heavier themes.

For those who missed the episode:
America is flying "blind" on key economic trends due to a data vacuum from the government shutdown, which amplifies both market anxiety and political stakes. Policymakers and businesses alike are forced to rely on imperfect private or alternative data. Meanwhile, global tensions and pop culture phenomena shape the news cycle, keeping listeners attuned to both immediate risks and lighter moments.