Core Viewpoint - The end of the longest government shutdown in U.S. history will lead to a dense release of delayed economic data, which is crucial for the market and the Federal Reserve to assess the economic situation [1][5]. Data Release Schedule - The U.S. Department of Commerce and the Department of Labor have announced a detailed schedule for the release of delayed economic data starting next Thursday. Over 30 important economic reports, including employment, inflation, and GDP, were postponed or canceled during the shutdown [2]. - Key data releases include the September non-farm payroll report on November 20 and the September real wage data on November 21. The third-quarter GDP revision will be published on November 26, along with personal income, spending, and PCE price index for October [3][4]. Impact on Federal Reserve Decision-Making - The unprecedented data void caused by the 43-day government shutdown has clouded the Federal Reserve's judgment regarding the economic situation [5]. - Apollo's chief economist noted that the market was in a "very dark and foggy" state during the shutdown, and while the fog is dissipating, it will not clear completely in the short term [6]. - Federal Reserve Chairman Powell emphasized that a rate cut in December is not a "foregone conclusion," and the lack of data may influence the committee's decision. Barclays economists pointed out significant disagreements within the Federal Open Market Committee regarding the timing and pace of rate cuts due to the absence of new data [7]. Challenges in Key Economic Indicators - Although the September employment data is expected to be released on time, the October data faces challenges. The White House press secretary warned that October inflation and employment data "may never be published," and any released data will be "permanently flawed" [8]. - The Director of the National Economic Council indicated that only half of the employment report will be available, lacking the unemployment rate for that month [9]. - The collection of consumer price data is particularly problematic, as about two-thirds of the price data requires in-person visits to stores, which cannot be retroactively gathered [10]. Broader Economic Implications - The data void will affect social security payments tied to inflation and influence corporate hiring and inventory decisions ahead of the holiday season. Economists suggest that it may take months for data to return to normalcy as businesses navigate uncertainties related to trade policies and consumer spending [10].