White House sees “deterioration” in Oct. labor market signs
Forget September's jobs report; Jason Furman, chairman of President Barack Obama's Council of Economic Advisers, is already worried about October.
In an interview Tuesday on CNBC's "Squawk on the Street," Furman cited "solid progress" in the U.S. job market but admitted economic growth could be stronger.
"We would like to see private-sector job growth strengthening at a time like this," Furman said. "There's no question that things like the sequester, brinkmanship, all of that are getting in the way of this happening."
In September, 148,000 jobs were added to the U.S. economy, missing expectations of 180,000. The unemployment rate fell 1 percentage point to 7.2 percent, its lowest rate since November 2008.
(Read more: Job-creation weakens, but unemployment rate down)
But because September's report was delayed under the government shutdown, Furman instead pointed to October jobs signals.
"I think just as interesting as this report is the first indicators of what October is going to be like," Furman said. "There is no question you've seen a big deterioration in labor market indicators for October."
Furman cited rising unemployment insurance claims and Gallup's job creation index as early weak indicators for October. Unemployment insurance claims rose by roughly 50,000 in the first two weeks of the month while Gallup's index was 3 points lower in October.
(Read more: Bad news is good news: Soft data means Fed on hold)
"Overall there's no question that this brinkmanship is going to cost us a couple tenths on our growth rate in the fourth quarter and a decent number of jobs in October," Furman said.
October's jobs report is scheduled to be released Friday, Nov. 8.
—By Elizabeth Schulze, CNBC desk producer. Follow her on Twitter @eschulze9