Jonathan Hoenig Fund Jonathan Hoenig discusses the changing impact of inflation on US finances and shares his unusual stock of the week at Varney & Co
The longest government shutdown in history has affected the release of several key economic reports, including Africa’s economic slowdown numbers due on Thursday, leading to increased focus on other gauges such as the Federal Reserve.
The Ministry of Finance was scheduled to release the October Consumer Price Index (CPI) on Thursday, but the report is delayed, and it is not certain when or if the report will be released.
While official CPI data from the Bureau of Labor Statistics is not available, the Federal Reserve Bank of Cleveland has “Nobcas
Cleveland Feed’s FotAtion is now NDAWORATION as on Wednesday it was that CPI increased by 0.18% monthly in October, while Core CPI – Core CPI – Up up 0.25% for the month.
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Federal Reserve Chairman Jerome Powell compared the lack of government data to “driving in the fog.” (Al Dragon/Bloomberg/Getty Images)
A year ago, the CPI rose by 2.96% in October while the Core CPI rose by 2.99%, according to the Cleveland Observer.
Over the past several years, inflation has fallen from 9.1% to 90% and reached 20.1% in June. However, inflation has picked up in the past few months after a recent 24% peak of 2%.
The official CPI release from the Bureau of Labor Statistics published last month showed both headline and Core CPI Up 3% in September compared to a year ago.
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The release of the September CPI report came amid a shutdown because BLS employees were temporarily reminded to complete the report, as it is part of the formula that includes annual public safety spending.
It is not yet clear when the BLS will release the October CPI report
Consumer sentiment slides to near-record lows as government shutdown winds down
Continued inflation has created budget pressures for American consumers. (Spencer Platt/Getty Images)
The Jpmorgan Economist note explained that the household survey data for the October jobs report was not collected as well as the data for the October CPI report.
The JPMORGEN report assessed that the October CPI report may not be published due to a lack of data collection, or may not be included in the analysis. They added that the September jobs report could come out within a week of the deadline, while the October schedule could be released at the same time as the November jobs report.
White House Press Secretary Karoline Leavett said at a press conference on Wednesday that “the Democrat Shutdown makes it more difficult for … Investors, investors and policymakers to return home.”
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“Democrats have permanently damaged the Federal Statistical System, the October CPI and jobs reports may never have been released, and all the economic data released will be released forever, leaving our policy makers at a critical time,” Leavett added.
President Donald Trump signed legislation Wednesday that ended the 43-day shutdown. The measurement of the monetary stop supports the government in Jan. 30.
