Powell: Fed navigating data delayed due to shutdown

While some important government data have been delayed due to the federal government shutdown, available data indicate the outlook for employment and inflation has not changed much since the Federal Open Market Committee’s September meeting, Federal Reserve Chair Jerome Powell said.

Powell Remarks: Speaking in Philadelphia, Powell said:

• Data available prior to the shutdown suggested growth in economic activity may be on a somewhat firmer trajectory than expected.

• While official employment data for September are delayed, available evidence suggests that both layoffs and hiring remain low and that both households' perceptions of job availability and firms' perceptions of hiring difficulty continue their downward trajectories.

• Inflation data are up slightly from earlier this year, as rising core goods inflation has outpaced continued disinflation in housing services.