Scoop: Warren pushes White House to release jobs report during shutdown
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Sen. Elizabeth Warren, (D-Mass.) on the floor of the New York Stock Exchange earlier this year during an appearance on CNBC. Photo: Spencer Platt/Getty Images
Sen. Elizabeth Warren (D-Mass.) sent a letter to the White House demanding the publication of the September employment report, Axios has learned.
Why it matters: The data release is among the most important delayed by the government shutdown, leaving economic policymakers in the dark about the health of the job market at a critical juncture.
- Warren says last month's jobs report should be released before the Federal Reserve's interest rate decision due on Oct. 29.
- The top Democratic lawmaker on the Senate Banking Committee is calling on the White House to allow Bureau of Labor Statistics staff — recalled to release a crucial inflation report — to also publish jobs data.
What they're saying: "As families face higher prices, workers confront a weakening labor market, and businesses navigate increasing economic uncertainty, timely access to this data is critical — particularly for the Federal Reserve," Warren wrote in the letter, seen by Axios.
- The letter was addressed to Office of Budget and Management director Russell Vought and chief statistician Mark Calabria.
The intrigue: The OMB said last week that it would recall some Bureau of Labor Statistics workers to compile the September Consumer Price Index, legally required to be released because of its role in calculating the cost-of-living adjustment for Social Security recipients.
- "The September jobs report, unlike the CPI data, was ready for release," Warren wrote, citing former BLS Commissioner Bill Beach, who previously said that was the case.
- "With BLS employees returning from furlough to work on the September CPI report, there is no operational reason the agency could not also release the September jobs report this month," Warren added.
- "I remain deeply concerned that the Administration lacks a comprehensive plan to ensure other critical economic indicators are released in a timely manner," Warren wrote.
The other side: The BLS said it would release the September CPI on October 24, though it indicated that no "other releases will be rescheduled or produced until the resumption of regular government services."
- The White House did not respond to a request for comment.
The big picture: It is the second time this month Warren has called on OMB to release the jobs report.
- Lawmakers are locked in a stalemate, with no end in sight for the government shutdown that is entering the third week.
- The Senate on Wednesday again blocked a GOP-led short term funding bill that sought to reopen the government.
What to watch: The longer the shutdown drags on, the longer policymakers are likely to remain blind about the economy's performance — hindering decisions on whether to continue lowering interest rates.
- Two other indicators — GDP and the Personal Consumption Expenditure price index, the Fed's go-to inflation gauge — are due out at the end of the month.
- Both are released by the Bureau of Economic Analysis, housed within the Commerce Department.
"It remains unclear whether any Bureau of Economic Analysis employees will be recalled from furlough to work on these reports or whether the agency has developed contingency plans to protect data integrity and ensure eventual processing and release," Warren wrote in the letter.
