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Welcome to The Hill’s Business & Economy newsletter
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Business & Economy
Business & Economy
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The Big Story
Shutdown would shutter econ data agency at bad time
The federal government will stop producing key economic data if government funding elapses Wednesday, depriving policymakers and investors of crucial information amid deep concerns about the job market.
If President Trump and Democratic lawmakers fail to reach a funding deal before a Wednesday deadline, the Bureau of Labor Statistics (BLS) will shutter until the shutdown is over, according to a contingency plan released Monday by the Labor Department.
That would prevent the BLS from releasing the highly anticipated September jobs report on Friday as scheduled, and it could delay the agency’s collection of other key economic data.
The BLS also produces consumer price index (CPI) data on inflation and wages — both of which are closely watched by policymakers and investors.
“A lot of economic data can’t be released during shutdowns,” Callie Cox, chief market strategist at Ritholtz Wealth Management, wrote in a Monday analysis.
“This is a big deal for our interest-rate superheroes (the Federal Reserve), who preach about how they like to make decisions based on economic data. You, me and Fed chair Jay Powell are all flying blind without these crucial reports,” Cox continued, referring to Federal Reserve Chair Jerome Powell.
Hungarian Prime Minister Viktor Orbán said Friday that he is putting Hungary’s national interests first in rejecting a call by President Trump for all NATO allies to halt the purchase of Russian fossil fuels.
Electronic Arts, the maker of video games like “Madden NFL,” “Battlefield,” and “The Sims,” is being acquired by an investor group including Saudi Arabia’s sovereign wealth fund in the largest private equity-funded buyout in history.
President Trump announced “substantial tariffs” on imported furniture Monday, without providing details, in an effort to promote North Carolina manufacturers.
