Suspended. Starting operating next, hopefully, on Labor Day (2,4)
I believe the answer is:
on hold
'suspended' is the definition.
(I've seen this before)
'starting operating next hopefully on labor day' is the wordplay.
'starting' suggests taking the first letters.
'day' becomes 'd' (abbreviation for day).
The first letters of 'operating next hopefully on labor' is 'onhol'.
'onhol'+'d'='ON HOLD'
(Other definitions for on hold that I've seen before include "Temporarily set aside" , "Postoned, or awaiting reply to phone call" , "Put off" , "not through yet?" , "Left pending" .)