U.S. Bureau of Labor Statistics: No economic data will be released during the government shutdown
U.S. Bureau of Labor Statistics has just released a government shutdown contingency plan, which will suspend all operations during the government shutdown and not release economic data. Currently, U.S. lawmakers are leaning towards forcing a federal government shutdown, which could prevent policymakers, business leaders, and investors from accessing the key data needed to assess the U.S. economic situation. Stephen Stanley, Chief Economist at Santander US Capital Markets, said the next Fed meeting will be held on October 28-29, and without the latest government data, it will be difficult to prove that another rate cut is justified. Some officials are already cautious about this and want to see more data. Neil Bradley, Chief Policy Officer of the U.S. Chamber of Commerce, said that a government shutdown will not push the U.S. economy into a recession, but it will come at a cost and increase the uncertainty that businesses and industry leaders are already dealing with.
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