inflation, White House
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Federal workers see first payday without a check
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WASHINGTON (AP) — The government shutdown likely means there won’t be an inflation report next month for the first time in more than seven decades, the White House said Friday, leaving Wall Street and the Federal Reserve without crucial information about consumer prices.
The government shutdown is now on Day 25 with no resolution in sight, as both sides remain entrenched in their positions over th
Inflation rose in September. The Bureau of Labor Statistics released CPI data during the government shutdown, which has affected some operations.
Roughly 750,000 furloughed government workers already feel crimped by the shutdown as they suffer missed paychecks and strained budgets. Those direct effects will grow dramatically on Nov. 1, when millions of low-income Americans are set to lose access to critical food assistance.
The government shutdown is delaying another major economic report, leaving policymakers at the Federal Reserve with a cloudier picture even as the economy enters a challenging phase of stubbornly
Economists think inflation around the U.S. continued to climb in September, edging farther away from the Fed's 2% annual target.
Economists expect prices to have risen 3.1% in September, which would mark a slight increase from a 2.9% year-over-year increase recorded a month prior. The anticipated reading would amount to the highest inflation since May 2024.
Better reports a government shutdown may lower mortgage rates but introduces processing delays, especially for FHA and VA loans.
Our correspondents and reporters explain the latest on the shutdown, as federal workers miss paycheques and some government services are suspended.
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