Barring a quick resolution to the partial government shutdown, the U.S. jobs report will not be released as expected on Oct. 3, leaving the Federal Reserve without one of its critical data points as officials weigh future interest rate decisions.
The shutdown has forced the Bureau of Labor Statistics, along with other federal agencies, to furlough employees while also pausing data collection and dissemination. A prolonged shutdown could also postpone the bureau's next Consumer Price Index report, a major benchmark for inflation, expected Oct. 15.
After a 0.25% rate cut in September, economists anticipated the Federal Open Market Committee would announce at least one more reduction before the end of the year. Without the BLS’ closely watched data on jobs and prices, the rate-setting committee would need to rely on private sector reports and alternative data sources.
In a Sept. 30 interview with Fox Business, Chicago Fed President Austan Goolsbee said the committee would use outside data to inform decisions if the government reports are unavailable. As of Oct. 1, the Bureau of Labor Statistics' website reads, "Updates to the site will start again when the Federal government resumes operations."
