Government economists will not issue regular data — including the September employment report due on Friday — while the federal shutdown continues.
The action could affect markets, which can move dramatically based on Government reports of major economic indicators.
The Bureau of Labour Statistics, which is part of the Labour Department, said on its Web site where data is normally reported: “During the shutdown period BLS will not collect data, issue reports, or respond to public inquiries. Updates to the site will start again when the federal government resumes operations.”
Congress has yet to pass a budget authorising government operations — or a stopgap measure in lieu of annual legislation — for the 2014 fiscal year, which began on Tuesday. As a result, all “non-essential” functions have ceased, closing government facilities such as national parks and idling bureaucrats across the country, except for people in critical areas such as national security.
It was not clear if the halt in data collection would affect upcoming reports even after an eventual resumption of normal government functions. The employment report is based on large, monthly surveys of households and employers, while the bureau’s consumer inflation report — due October 16 — is based on a large network of data collected by inspectors visiting retailers nationwide.
Bureau of Economic Analysis
The Commerce Department’s Bureau of Economic Analysis, which produces official estimates of gross domestic product, was similarly shuttered, with the further measure of having taken down its website, a step not taken at the Labour Department.
“As a federal agency, the Bureau of Economic Analysis, like all other US government entities, is required to suspend its operations until Congress appropriates funding for this fiscal year,” a substitute webpage stated.
“This suspension will include the release of economic indicators and other information that may be scheduled during the duration of the shutdown.” The Bureau of Economic Analysis, due to issue its first estimate of third-quarter GDP on October 30, similarly said that production of data and reports would be halted until a federal budget becomes law.