Fed Officials Face Data Gaps As Shutdown

Benzinga

The Labor Department will not publish full October jobs data because the shutdown blocked the household survey used for the unemployment rate. Partial October numbers will be released with November’s report on December 16, leaving the Fed to meet without complete labor data. Traders reduced expectations for a December rate cut as officials remain split on next steps.

Transcript

00:00It's Benzinga, bringing Wall Street to Main Street.

00:02The Labor Department will not issue complete October jobs data because the shutdown prevented officials

00:06from collecting the household survey used to calculate the unemployment rate, according to the Wall Street Journal.

00:12The government will release partial October jobs data, including jobs gains or losses, hours worth, and industry earnings,

00:17alongside the delayed November report on December 16th.

00:21The federal enter its December meeting without full labor data amid slow hiring and recent white-collar layoffs,

00:26while October minutes show officials are divided on their next steps.

00:30Traders caught expectations for a December rate cut after the announcement.

00:33An economist said weak claims, retail sales, or September unemployment deterioration could still influence the Fed.

00:39For all things money, visit Benzinga.com.

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