Critical figures like the Labor Department’s monthly jobs report and a key inflation gauge from the Commerce Department wouldn’t come out on their scheduled release dates, based on agencies’ actions during previous shutdowns. When the government was closed in 2013, data like the employment report and others were delayed.
The Bureau of Economic Analysis and the White House referred requests for comment to the Office of Management and Budget, which is working with government agencies to finalize new contingency plans. The latest plan unveiled by the Commerce Department — which includes BEA and the Census Bureau — in 2021 expected most services and activities conducted by those two agencies to cease during a shutdown.
Most of the reports due next month will reference September data, rounding out what’s expected to be a strong quarter for the US economy. Inflation has generally been easing and the labor market remains solid, supporting consumer spending and reinforcing calls that the world’s largest economy can dodge a recession.
The Fed is a self-funding organization that doesn’t depend on government appropriations and has continued working through past shutdowns. A spokesman for the central bank declined to comment.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. consumer sentiment slips again but inflation outlook improvesThe survey's barometer of current economic conditions fell, but its gauge of consumer expectations edged higher. 'Both short-run and long-run expectations for economic conditions improved modestly this month, though on net consumers remain relatively tentative about the trajectory of the economy,' survey director Joanne Hsu said in a statement. The survey's one-year inflation expectation fell to 3.1% - the lowest since March 2021 - from 3.5%, while the five-year inflation outlook slid to a one-year low of 2.7% from 3.0%.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Fed gets an August inflation curveball to keep hikes aliveFederal Reserve officials hoping for evidence of a clear decline in inflation and a slowing economy got some of each from data since their last meeting, but likely not enough of either to downplay the possible need for further rate increases later this year. Overall consumer prices rose month-over-month at the fastest pace in 14 months in August, and while that was driven largely by volatile energy costs, a measure of underlying inflation also accelerated unexpectedly. While economists believe inflation trends are still moving in the Fed's favor, August represented the sort of surprise that would keep officials leaning towards at least one additional rate increase to be reflected in new economic projections at the end of their upcoming Sept. 19-20 meeting.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »