The October jobs report is among the key economic data delayed by the government
Key advisors Wealth management with Eddie Ghabour Joabies JoabOur Junder & Co discuss market dynamics Amid Whitington’s Loomsing Shutdown Defedow and why investors should always go to appreciation.
The ongoing government shutdown has disrupted the flow of economic data from the Federal Agency and the October Jobs Report is the latest report closely watched for delays due to Imple.
Most employees at the Department of Labor and other federal agencies responsible for producing economic reports have been closed since November 1.
The Bureau of Labor Statistics was scheduled to release the October Jobs report on Friday, but the agency has not returned to its regular operations due to the shutdown.
The government shutdown began on October 1 and has delayed several key economic reports. (Bill Clark/CQ-Roll call Inc/Getty Images)
The October Employment Report is just the latest economic report to be delayed by the shutdown, as the September Jobs Report was due a few days after the shutdown began. The U.S. commercial product report and its consumer spending index (PCE) — the Federal Reserve Inflation Gauge — are also delayed.
Layoffs in October hit highest monthly level in 22 years as companies show cost-cutting measures, ai
The Trump administration temporarily reinstated some BLS employees so they could complete the September CPI report, as inflation data is used to calculate the annual cost adjustment, which is legally required to be released before the end of October.
It remains unclear when lawmakers in Congress and President Donald Trump will reach an agreement to end the shutdown, or whether accurs will emerge as soon as past reports quickly provide that delayed reports can be published quickly.
Private sector added better-than-expected 42,000 jobs in October, ADP says
The 2013 government shutdown prevented the release of that year’s September report, which was to be released on Oct. 4. After the closure ended on Oct. 17, the report was released less than a week later on Oct. 22.
A similar delay occurred in early 1996, when the December 1995 Jobs report was released in early January but was delayed up to a month due to the shutdown.
Government releases banned release of key GDP data – What do the Fed’s models say about economic growth?
Federal Reserve Chairman Jerome Powell compared the lack of official economic data to policymakers ‘driving in the fog,’ although he saw private data can provide some insight. (Jim Watson/AFP/Getty Images/Getty Images)
Goldman Sachs experts noted that based on the experience of the government in 2013, they can expect that if the government opens in mid-November, the September jobs report will be released a few days after the end of a few days after the end of the shutdown.
However, they said the October Works report would not be expected until early December in that case.
Find FOX business on the go by clicking here
The Goldman report also noted that after the previous shutdown, the next monthly data release was delayed for about a week to allow staff more time to process the data. If the shutdown ends in the next few weeks, that could cause November Jobs to report delays beyond the planned release date of December 5.
