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41m ago

Labor Department Plan Would Halt BLS Data in Shutdown, Putting Jobs and CPI Releases at Risk

The contingency plan points to a data blackout that would leave markets and the Federal Reserve without key readings before the late‑October policy meeting.

The Wall Street entrance to the New York Stock Exchange (NYSE) is seen in New York City, U.S., November 15, 2022. REUTERS/Brendan McDermid/File Photo
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Illustration: Aïda Amer/Axios
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Overview

  • If Congress misses the Sept. 30 funding deadline, the Bureau of Labor Statistics will suspend operations and pause all scheduled releases, according to the Labor Department’s plan.
  • The September employment report due Friday, Oct. 3, and the Oct. 15 consumer price index would not be published during a lapse, with weekly jobless claims and other series also on hold.
  • All active survey collection would stop, raising the risk of cascading delays even after funding is restored, and the BLS website would not be updated or repaired if it fails.
  • Economists warn the blackout would complicate rate decisions, with Stephen Stanley noting it would be harder to justify additional cuts without fresh government data and Gregory Daco cautioning against flying blind.
  • Private gauges such as ADP’s payrolls and National Association of Realtors data would continue, but they are less comprehensive than official statistics and are not viewed as full substitutes.