Request for Job Report Release
The Democratic Senator Elizabeth Warren is calling on the Trump government to publish the September Job report on Friday despite the government’s ongoing closure. An adjutant from the Senate informed CNN on Thursday about this request.
Importance of the Job Report
The monthly job report compiled and published by the Bureau of Labor Statistics is probably the most critical part of the US economic data published every month. Given the concerns about the weakness in the labor market and the increasing unemployment rate, its release is now even more crucial.
Data Collection and Potential Release
Former BLS employees have informed Warren’s office that the work data were collected in September and are likely to be released. "Let us be clear: The job data that should come out this Friday were undoubtedly collected and the president has to release them," said Warren. The next two-day meeting of the Fed is planned for October 28th and 29th.
Impact on Decision-Making
Without the job report, the Federal Reserve will not have the entire picture it needs to make decisions about interest rates this month that affect every family in the whole country. The production leads to an information vacuum, which leads critical state data to which investors, economists, CEOs, and Fed civil servants rely on to make decisions.
Alternative Data Sources
The shutdown could force investors and FED officials to rely on alternative data in order to gain insights into the health of the US economy. In a report published by ADP, it was found that private salary statements were overwhelmed in the past month, which indicates that the softness on the labor market continued until September.
Call to Action
The White House has been accused of causing the government shutdown, which is affecting the release of critical economic data. "Donald Trump has the authority to ensure that the federal government can continue to produce and release this critical information on Friday and beyond," said Warren. The suspension of the Bureau of Economic Analysis prevents the release of economic data, including import and export data, gross domestic product, and inflation data.
Economic Implications
The shutdown has significant implications for the US economy, and the lack of critical data is forcing investors to rely on alternative sources. The ADP report has a mixed track record in predicting the broader BLS report, but it is being weighted more heavily due to the shutdown. The release of the job report is crucial for understanding the health of the US economy and making informed decisions.
