With the combination of the longest government shutdown, the mass firings of government workers and a fresh cut in federal food aid, the Capital Area Food Bank in Washington is bracing for the swell of people who will need its help before the holiday season. The food bank, which serves 400 pantries and aid organizations in the District of Columbia, northern Virginia and two Maryland counties, is providing 8 million more meals than it had prepared to this budget year a nearly 20% increase.
Thanksgiving weekend is typically one of the busiest times to travel, and thanks to multiple factors, this year could devolve into chaos. Travel companies and federal officials have already warned that if the government shutdown continues, travelers could face a continuation of reduced flights, as well as the always possible risk of disruptive weather. For those who are still planning to travel, travel professionals advise taking certain steps to maximize your chances of a smooth experience.
Similarly, despite a slew of announced layoffs, the actual number of people filing for unemployment benefits - as revealed by states' releases of their weekly claims numbers - remains low for now. JPMorgan economists peg last week's initial claims at 229,000, up a bit from 220,000 the previous week but well within the low range that has prevailed all year.
S&P 500 futures are down about 21 points. The SPDR S&P 500 ETF ( SPY) is down about a point. Dow futures are down about 126, as the Nasdaq slips about 112 points. While the day doesn't look bright, keep your eye on the 50-day moving average on the major indices. That moving average has now served as strong support a few times. And if it happens again, the major indices could bounce.
Air traffic in the United States will be reduced by 4% at 40 airports starting Friday due to a system overload caused by a surge in air traffic controller absences following the 36-day federal government shutdown. The flight reductions could steadily rise to reach 10% by November 14, according to government and air traffic officials. The flight restrictions will affect