There are no signs of a deal on Capitol Hill and until the stock market pulls a hissy fit there probably won’t be.
Today’s construction data was the first release to be delayed. Tomorrow’s ADP number will be released at it will be big because of the threat of a delay to NFP. Here is what else is scratched off the near-term calendar:
- Thursday –
Initial jobless claimsand factory orders Update: claims are still on - Friday – Non-farm payrolls
- Tues, Oct 8 – Trade balance and JOLTS
- Wed, Oct 9 – Wholesale sales
- Thurs, Oct 10 – Initial jobless claims
- Friday, Oct 11 – Retail sales
What’s also unclear is how the schedule will be affected when the shutdown ends. If Congress makes a deal late on Thursday, it’s unlikely workers will have enough time to compile the report. Same goes for other data points.
As for initial jobless claims, we’re likely to see a huge spike as furloughed workers apply. That will render the data unreadable for weeks.