There are signs the economy lost jobs last month.

From Marketplace, I'm Subrey Beneshore in for David Brancaccio.

Markets are having to digest a lot right now.

There's the government shutdown.

There's also new private payroll data showing the economy lost jobs in September.

Susan Schmidt is here to talk about it.

She's portfolio manager at Exchange Capital Resources. Hi, Susan. Good morning. So markets look like they maybe care a little about the shutdown, but not a lot. Why or why not? Market moves happen when markets are surprised. Investors hate surprises. That's when you see a big reaction. We're not

getting that today because this shutdown has been very well communicated and talked about over the

last couple weeks. Investors have been expecting that. Speaking of the shutdown, that means we are not

going to get some pretty important government data this week, but ADP is a company that processes payrolls for companies. They look at

their data on 26 million workers, and they estimate that in September, the U.S. actually lost

32,000 jobs. What do we think of that? Well, that's something markets will pay attention to,

especially because we don't have the government data that we normally would

see on Friday. So 32,000 jobs that are lost is very different than the 51,000 jobs that were

expected to be gained. That's a surprise to the market. It does continue the story that job market

is weakening and the Fed should be lowering interest rates. However, investors really

count on the government data to come out and reaffirm that that's what's happening. It's going to be

interesting to see how this plays out because we'll be missing a lot of the economic data that

investors use as clues to see how the Fed will react.

Susan Schmidt, portfolio manager at Exchange Capital Resources.

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