Shutdown delays release of Labor Department’s monthly inflation report
Summary
The U.S. government shutdown has delayed the Labor Department's monthly report on inflation, which was originally set to be released. This delay leaves the Federal Reserve with less information as it attempts to manage economic challenges, including high inflation and slowing job growth.Key Facts
- The government shutdown delayed the release of the Labor Department's monthly inflation report.
- The report was meant to be released on a Wednesday but is now postponed to October 24.
- Inflation data is crucial for calculating cost-of-living adjustments for benefit programs like Social Security.
- Federal agencies cannot collect new economic data during the shutdown.
- The Federal Reserve is using private sector data, like reports from payroll firm ADP, to understand the economy.
- September's employment report was ready before the shutdown and can be released quickly once the shutdown ends.
- October economic data may face longer delays if the shutdown continues.
- Inflation is above the Federal Reserve's target of 2%, while job growth has slowed.
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