What is the story about?
What's Happening?
The U.S. Labor Department's Bureau of Labor Statistics (BLS) will resume work on the September Consumer Price Index (CPI) report, despite the ongoing federal government shutdown. The CPI report, a key measure of inflation tracking price changes in a broad basket of goods and services, is scheduled for release on October 24. The shutdown, which began due to a lapse in funding, has delayed other data releases, including the nonfarm payroll report. The Social Security Administration requires the CPI data to calculate annual cost-of-living adjustments (COLA) before November 1.
Why It's Important?
The CPI report is essential for determining the COLA for Social Security benefits, impacting millions of Americans who rely on these payments. The delay in other economic data releases due to the shutdown could hinder economic analysis and policy decisions. Accurate inflation data is crucial for understanding economic conditions and guiding monetary policy. The shutdown's impact on data collection and analysis could have broader implications for economic forecasting and planning.
What's Next?
The BLS will call back employees to work on the CPI report, but other data releases remain delayed until the government resumes operations. The Senate has yet to pass funding bills to end the shutdown, which could prolong the delay in other economic reports. The Social Security Administration must publish the COLA adjustment by November 1, making the timely release of the CPI report critical.
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