With the possibility of a U.S. government shutdown looming, potential impacts could include longer lines at airports, shuttered national parks, and delayed economic data. Infighting among House Republicans is driving the government to the brink of a potentially protracted shutdown this weekend. If no breakthrough is made, federal funding will lapse at midnight on September 30. Federal employees will likely be furloughed, while some deemed “essential” will work without pay until the shutdown ends. The last major shutdown in 2018-2019 lasted 35 days. The potential services that would be affected are numerous, including labor economic indicators such as the Bureau of Labor Statistics’s monthly jobs report, the Federal Mediation and Conciliation Service, the Federal Reserve, the Securities & Exchange Commission, air traffic controllers and Transportation Security Administration officers, Amtrak, passport and visa issuance, national parks, museums, cemeteries, monuments, and visitor centers, etc. Meanwhile, the stock markets in North America opened in the red, extending last week’s rout. The S&P/TSX composite index in Canada was down by 82.96 points in early trading, while on Wall Street, the S&P 500, Dow Jones industrial average, and Nasdaq composite all experienced drops. In other news, striking Hollywood screenwriters reached a tentative new labor agreement with studios including Walt Disney Co. and Netflix Inc. If approved by the guild members, the agreement will end a strike that began on May 2. Additionally, Air Canada has placed a firm order for 18 Boeing 787-10 Dreamliner aircraft, which are expected to be used to replace older, less efficient wide-body aircraft in its fleet. The airline also has options for an additional 12 Boeing 787-10 aircraft. Finally, economist David Rosenberg warns of building recession risks, citing retail sales data released by Statistics Canada as further evidence that a recession is coming.
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