CPI inflation report will be released by Labor Department, while other data is delayed by shutdown

The Department of Labor is taking steps to ensure that key consumer inflation data is still released on schedule, despite the ongoing federal government shutdown. The Bureau of Labor Statistics, a branch of the Labor Department, will resume work on September’s consumer price index (CPI) report, which is set to be released on October 24 at 8:30 a.m. ET.

Originally, work on the CPI report was paused due to the shutdown plan. However, the Social Security Administration requires the third-quarter CPI data in order to calculate and publish annual cost-of-living adjustments before November 1. This crucial information is needed to ensure that Social Security recipients receive accurate benefit adjustments.

The federal government shutdown has impacted other data releases from the BLS, such as the nonfarm payroll report. The Senate has failed to pass funding bills to end the shutdown, which has been ongoing for over a week.

In response to the urgent need for the CPI data, the BLS is recalling staff to work on preparing the report. This decision was first reported by Bloomberg News and is a crucial step in ensuring that important economic data is still made available to the public.

It is important to note that the Social Security Administration, not the Labor Department, requires the CPI data for cost-of-living adjustments. This correction was made to clarify the role of the organization in the process.

In conclusion, the Labor Department is taking proactive measures to ensure that key economic data is still released despite the challenges posed by the federal government shutdown. By prioritizing the needs of organizations like the Social Security Administration, the department is working to minimize the impact of the shutdown on critical financial information.