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The government shutdown is talking a toll on economic reports. Third-quarter GDP delayed today.

Delays of the Week

• October 27: Durable Goods
• October 29: International Trade in Goods
• October 29: Retail Inventories
• October 29: Wholesale Inventories
• October 30: Advance Third-Quarter GDP
• October 30: Jobless Claims
• October 31: Personal Income and Outlays
• October 31: Employment Cost Index

Missing Inflation and Jobs Data

The Personal Income and Outlays report also releases the PCE Price Index, the Fed’s preferred measure of inflation.

No household unemployment, establishment jobs data, or price data was gathered in October. The CPI, PCE, and Unemployment reports for October will be garbage, perhaps missing.

The Fed can piece some jobs-related data from statewide initial and continued claims data but the key measures it relies are AWOL.

Despite the missing data, GDPNow made estimates. Its final estimate was 3.9 percent.

The Bloomberg Econoday consensus was 3.0 percent in a range of 1.7 percent to 3.8 percent.

Reader Question

A reader asked: Where are we on the unemployment rate?  

The answer is No Household Data Collected for October – Literally None

100,000 Government Workers were paid through September.

Unemployment counting starts October 1.

How many government workers found jobs? I have no idea. Those who did were are the expense of someone else.

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