Want a clue about how the economy is faring as the government shutdown drags on? Company earnings will try.

""If the shutdown continues, private data and earnings calls offer useful clues - especially around company performance relative to expectations," Gregory Daco, EY's chief economist, said. "But they're no substitute for broader and more consistent government data.""

""There's a little bit of a guessing game around how much of this is unique to the company, how much of this is unique to the sector, how much of this is the polish and spin that inevitably accompanies talking to investors," he said."

Earnings reports and company earnings calls are providing alternative signals about economic conditions while government data releases are suspended during the shutdown. Economists say these private data points offer useful clues about company performance relative to expectations and can indicate directional trends. Earnings calls require interpretation because commentary may reflect company-specific factors, sector dynamics, or investor-focused spin. Government statistics use vetted, transparent methodologies that deliver broader, consistent measures such as CPI and labor metrics. Bank executives note consumers may appear resilient but spending patterns vary and necessities dominate purchases. Private indicators cannot fully substitute for comprehensive public data.

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