economic-report-bush-funeral-on-wednesday-to-delay-key-economic-reports-powell-testimony

Economic Report: Bush funeral on Wednesday to delay key economic reports, Powell testimony

Finance
George Herbert Walker Bush poses with his wife Barbara during his campaign for Congress in the 1960’s.

Investors will have to wait an extra day for several economic reports owing to the funeral for former President George H.W. Bush. And congressional testimony by the Federal Reserve chairman has been canceled.

But Wall Street will still get the Beige Book on time.

ADP said it will delay by one day its snapshot on how many new jobs were created in November. The Institute for Supply Management and IHS Markit will do the same for their surveys of U.S. service-oriented companies.

The federal government, for its part, will push back its latest update on third-quarter productivity.

All three reports will now be released Thursday instead of Wednesday.

A congressional appearance by Fed Chairman Jerome Powell will be also be rescheduled.

Read: Trump-Xi meeting raises odds for trade deal between U.S. and China, Kudlow says

Bush’s funeral will take place on Wednesday. The federal government will be closed to honor the nation’s 41st president.

The New York Stock Exchange and Nasdaq stock exchanges will also close.

Read: What President George H.W. Bush’s day of mourning means for stock, bond and commodity traders

Yet the Fed said it still plans to issue on Wednesday its periodic survey of the U.S. economy known as the Beige Book.

The most important economic report of the week — the government’s estimate of job creation and the unemployment rate in November — will come out Friday as scheduled.