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Day 7 of the shutdown continues today as both sides of Congress fail to come to a budget agreement to fund the government operations. However, the Pentagon has ordered 350,000 civilian employees back to work today in order to support readiness of the military. This leaves about 450,000 workers still on furlough of the total of 2.1 million civilian employees. In addition, all furloughed employees will receive their back pay retroactive once they return to work.
There are no economic reports being released today and the rest of the week’s calendar is hit and miss. Thursday’s Weekly Initial Jobless Claims report will be released, but Retail Sales from the Commerce Department will not be released nor will the Labor Department’s Producer Price Index.
Stock markets are falling today as the above mentioned government shutdown continues and as the debt ceiling deadline approaches next week on October 17. The decline in Stocks is boosting Bond prices today as investors shift into less riskier assets. The closely watched Dow Jones Industrial Average has fallen below 15,000 after hitting a record high closing high of 15,676.94 on September 18.