The government shutdown that began Wednesday was the true main event of the week as it meant that the jobs data was not released as scheduled Friday morning. It also means that the Fed may have to make future monetary policy decisions somewhat blind as other data points may be withheld as the shutdown continues. It’s likely it will be a few more days before the government reopens.

A shutdown will likely have significant economic impacts regardless of its duration as thousands of workers will be furloughed. The federal government may also lose out on multiple sources of revenue as parks and other institutions that it runs will be closed or limited to the public. However, both parties have dug in their heels and look like they may be ready for a prolonged battle.

The ADP version of the nonfarm payroll report was released on Wednesday. It revealed that the economy shed 32,000 jobs compared to an expected gain of about 52,000.  The previous month’s report was also revised downward to a loss of 3,000 jobs.

While the ADP and BLS versions of the nonfarm payroll report often differ, they generally align on the overall trajectory of the job market. Of course, this situation may be exacerbated if federal government employees are terminated instead of merely being furloughed.

On Tuesday, the JOLTS report came out and revealed that there were 7.23 million job openings in the United States, which was roughly in line with analyst expectations. The CB Consumer Confidence report also came in at 94.2, which was below the expected 96 and lower than the 97.8 posted last month.

Wednesday also featured the release of the ISM Manufacturing PMI. It came in at 49.1, which effectively matched analyst expectations. On Friday, the ISM Services PMI came in at 50 compared to an expected 52.

Despite the shutdown, the S&P 500 finished the week up by 43.93 points to close at 6,715. On Tuesday afternoon, the market made a low of 6,646 before reversing course and climbing on Wednesday and Thursday. On Friday afternoon, the index reached its weekly high of 6,749.

The Dow also closed the week higher, finishing up 572 points to close at 46,758. On Tuesday, the index made its low of the week when it dipped to 46,137. By Friday, the index broke the 47,000 threshold before reversing in the afternoon.

Finally, the Nasdaq also finished the week higher, closing up 140 points to end Friday at 24,785. As with the other two indexes, the Nasdaq made its low for the week on Tuesday and its high of the week on Friday. The weekly range was 24,529 to 24,943.

In international news, Australia decided on Tuesday morning to keep its interest rate steady at 3.6 percent. On Thursday morning, Switzerland announced that inflation had dipped by 0.2 percent over the last month. Thursday night, Japan’s central bank leader said that the country may increase interest rates if the nation’s economy continues to recover.

The coming week will have continued uncertainty as there is no indication that the government will reopen. However, if it does, unemployment claims data will be released Thursday while the nonfarm payroll numbers for September will be released on Friday. The University of Michigan will also release its inflation expectation and consumer sentiment reports on Friday regardless of what happens.

A bevy of new information impacted the market this week as investors seek more clarity about the future of the economy. When the Federal Reserve decided to cut interest rates by 25 basis points, there was speculation that more cuts may be coming. However, the data released this past week suggests that the consumer remains resilient even as the labor market weakens.

On Wednesday, it was revealed that there were 800,000 new home sales over the past month. This was higher than the expected 650,000 sales and also higher than the 664,000 new sales from July. The increase in new homes being sold may be attributed to lower mortgage interest rates that have trended from 7 percent to closer to 6 percent in recent weeks. Existing home sales were also robust with 4 million occurring over the past month compared to an expected 3.96 million.

On Thursday, the final gross domestic product (GDP) reading for the second quarter was made public. Over those three months, the economy grew by 3.8 percent compared to an initial estimate of 3.3 percent.

On Friday, the PCE Price Index came in at .2 percent for the month, which was in line with expectations. What may be more important than the rise in prices was the accompanying rise in personal spending over the past month. During that time, spending increased by .6 percent while incomes only rose .4 percent.

The Flash Manufacturing PMI and Flash Services PMI came out on Tuesday. The manufacturing PMI came in at 52 while the services PMI came in at 53.9. These figures suggest a growing demand for both tangible goods and services, which may result in a hotter-than-expected economy going forward.

Jerome Powell also spoke this week and suggested that the Fed would tread lightly on future interest rate cuts. He said that the potential for inflation caused by tariffs was still a concern that the Fed took seriously. The statement could be interpreted as a warning to not take more cuts this year for granted.

The S&P 500 had a rare losing week falling 11 points to close at 6,643 at the end of trading Friday. On Monday afternoon, the market made a high of 6,697 before reversing and trending lower for the rest of the week. On Thursday, the market hit a low of 6,577 before reversing and finishing in the middle of the week’s range.

Unlike the S&P, the Dow was up this week having gained 92 points this week, which was an increase of .2 percent for the last five trading days. On Tuesday morning, the market made its high of the week at 46,684 before reversing and hitting a low of 45,835 on Thursday. A rally on Friday allowed the index to make up what it lost during the middle of the week and finish in the green.

The Nasdaq joined the S&P in the red this week falling 104 points to close at 24,503. On Tuesday, the index hit a weekly high of 24,772 before reversing and plummeting to 24,242 on Thursday.

In international news, Australia announced Tuesday that inflation was 3 percent on an annualized basis, which was higher than the expected 2.9 percent. On Thursday, the Swiss National Bank (SNB) opted to keep the country’s key interest rate at 0 percent. On Friday, Canada announced that the nation’s GDP grew by .2 percent over the past month compared to an expected uptick of .1 percent.

The coming week will have nonfarm payroll reports for September released. The ADP version will be released on Wednesday morning while the BLS version is due out on Friday. On Tuesday, the JOLTS report comes out as well as the CB Confidence report. Finally, the ISM Manufacturing PMI comes out on Tuesday while the ISM Services PMI comes out on Friday.