Fed won’t get key inflation data before next rate decision as BLS cancels October CPI release
The U.S. Bureau of Labor Statistics is the primary Federal agency responsible for measuring labor market activity, working conditions, and price changes in the economy.
Bill Clark | Getty Images
The Bureau of Labor Statistics said it canceled the release of the October consumer price index, depriving the Fed of key inflation data it needs to consider when making its next decision on interest rates on Dec. 10.
CPI data previously scheduled for release on Nov. 7 was canceled because the government shutdown made it impossible for the BLS to “retroactively collect” certain portions of the survey data, the organization said. he said on his website.
BLS said November CPI data, which was previously scheduled to be released on December 10, will now be released on December 18, following the Fed decision.
Bureau data collectors are compiling the directory through a variety of methods not possible during the shutdown, including in-person visits and phone calls. The BLS also uses online data and household surveys, which can make it difficult to collect information retrospectively.
Fed officials have expressed concerns about being caught in a data fog while trying to formulate monetary policy. The central bank’s Federal Open Market Committee approved a quarter-point rate cut in late October, but minutes into the meeting reflected concerns about an incomplete picture emerging.
This is breaking news. Please refresh for updates.
