With the government shutdown in its second day, key labor market data from government agencies like the Bureau of Labor Statistics (BLS) has been put on hold. However, former BLS employees have informed Democratic Senator Elizabeth Warren that the data for September’s nonfarm payrolls report has already been compiled and is likely ready for release on Friday as previously scheduled.
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“While the data has been processed and there was time to prepare for the data’s release in the event of a government shutdown, the Administration is choosing not to release Friday’s jobs report,” wrote Warren in a letter to BLS acting commissioner William Wiatrowski and Office of Management and Budget (OMB) Director Russ Vought.
Fed Risks Losing Key Jobs, CPI Data Ahead of October 29 Decision
The data is essential for the Fed to act on monetary policy, as it factors into the central bank’s dual mandate of maximizing employment and keeping inflation under control.
The Fed will make its next interest rate decision on October 29 and is at risk of losing key labor and inflation data needed to guide that decision if the shutdown drags on. That includes the Consumer Price Index (CPI), a gauge of inflation, scheduled for release on October 15.
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