New data from the Labor Department shows the consumer price index, a key inflation gauge, rose 0.3% in November. That will likely impact the Federal Reserve's final interest rate decision of 2024. CBS News MoneyWatch correspondent Kelly O'Grady has more.

WASHINGTON -- Below is the statement the Federal Reserve released Wednesday after its latest policy meeting ended:

U.S. consumer prices increased by the most in seven months in November, but that is unlikely to discourage the Federal Reserve from delivering a third consecutive interest rate cut next week against the backdrop of a cooling labor market and rental costs.

U.S. unit labor costs grew far less than initially thought in the third quarter, pointing to a still favorable inflation outlook even though price increases have not moderated much in recent months. T

Many workers will be furloughed, while some employees will be required to report to work if their job is considered essential. In both cases, federal employees will receive back pay when the shutdown ends, though new paychecks won't be generated after the funding deadline lapses on Saturday at 12:01 a.m. ET.

Some workers would be forced to report to work, while others would be furloughed. A government shutdown would have significant consequences for more than two million federal employees. Some would be forced to report to work and the rest would be furloughed. None would be paid during the shutdown.

If Congress fails to pass the continuing resolution to fund the government by Saturday, millions of federal workers could head into the holidays without paychecks. They could be furloughed or be asked to work without pay.

The Personal Consumption Expenditures index climbed 2.4 percent from a year earlier, though the report’s details were more subdued than expected.

Federal government shutdowns can be disruptive, with thousands of workers furloughed and most of them not getting paid on time. Taxpayers won’t get calls returned, there may be longer lines at airports during one of the busiest travel weeks of the year and many national parks will close.

Chicago Federal Reserve Bank President Austan Goolsbee said interest rates would be lowered by a “fair amount” next year in some of the first comments from central bankers after last week's projections disappointed investors.

If they fail, the government will be forced to furlough thousands of federal workers and reduce federal services. Florida is home to over 93,000 federal employees — not counting untold numbers of contracted workers who may be affected — making the ...