The government shutdown continues this week and there’s little sign of a near-term resolution. With betting markets expecting it to drag on for weeks, investors will need to continue navigating through an economic data fog. Two important sources of clarity will help pierce through the cloud, however.

First and foremost: Though most government data is on hold during the shutdown, the Consumer Price Index (CPI) is a critical exception. Due to its importance in calculating annual cost-of-living adjustments for Social Security benefits, the Bureau of Labor Statistics (BLS) announced it’ll be releasing the report on Friday. Already the most tracked by market participants, this report is even more important while investors are making due without other economic data.

And we can’t forget about corporate America. The pace of third-quarter earnings reports picks up significantly this week, with a host of companies from various sectors set to share their results. These reports will provide a real-time, bottom-up perspective on the health of the economy, straight from those who are on the business front lines.

Economic and Earnings Calendar

Most releases involving government data will not be released while the shutdown is ongoing.

Monday

•  September Leading Economic Index: This is an index composed of various economic indicators that have historically led changes in the broader economy.

•  Earnings: Steel Dynamics (STLD), W R Berkley (WRB)

Tuesday

•  October Philadelphia Fed Non-Manufacturing Activity: The Philadelphia Fed’s survey of services executives in the region on business conditions and their outlook.

•  Earnings: Chubb (CB), Capital One Financial (COF), Quest Diagnostics (DGX), Danaher (DHR), Equifax (EFX), Elevance Health (ELV), EQT (EQT), General Electric (GE), General Motors (GM), Genuine Parts (GPC), Halliburton (HAL), Intuitive Surgical (ISRG), Coca-Cola (KO), Lockheed Martin (LMT), 3M (MMM), Nasdaq (NDAQ), Netflix (NFLX), Northrop Grumman (NOC), Omnicom Group (OMC), PACCAR (PCAR), PulteGroup (PHM), Philip Morris International (PM), Pentair (PNR), Raytheon Technologies (RTX), Texas Instruments (TXN)

Wednesday

•  Weekly Mortgage Applications: Mortgage activity gives insight on demand conditions in the housing market.

•  Earnings: Amphenol (APH), Avery Dennison (AVY), Boston Scientific (BSX), Crown Castle International (CCI), CME Group (CME), FirstEnergy (FE), Globe Life (GL), Hilton Worldwide Holdings (HLT), International Business Machines (IBM), Interpublic Group of Companies (IPG), Kinder Morgan (KMI), Lennox International (LII), Lam Research (LRCX), Southwest Airlines (LUV), Las Vegas Sands (LVS), Moody's (MCO), Molina Healthcare (MOH), Northern Trust (NTRS), NVR (NVR), O'Reilly Automotive (ORLY), Packaging of America (PKG), Raymond James Financial (RJF), AT&T (T), Teledyne Technologies (TDY), Thermo Fisher Scientific (TMO), Tesla (TSLA), United Rentals (URI), Westinghouse Air Brake Technologies (WAB)

Thursday

•  August Wholesale Inventories and Sales: Wholesalers often operate as an intermediary between manufacturers and retailers, serving as a key part of the goods supply chain.

•  Weekly Jobless Claims: This high frequency labor market data gives insight into filings for unemployment benefits.

•  Fedspeak: Kashkari will moderate a conversation with Barr at the Economic Club of Minnesota. San Francisco Fed President Mary Daly will take part in a moderated conversation on technology and the economy.

•  Earnings: Delta Air Lines (DAL), PepsiCo (PEP)

Friday

•  October University of Michigan Consumer Sentiment: How consumers feel about economic conditions affect their spending habits. This survey places a particular focus on inflation and its trajectory.

•  September Treasury Statement: This summarizes the U.S. federal government budget by tracking government revenues and expenditures.

•  Fedspeak: Chicago Fed President Austan Goolsbee will give welcome remarks at the regional bank’s Community Bankers Symposium. Musalem will take part in a fireside chat on the economy and monetary policy.

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