The financial world is reeling with news that due to the potential US government shutdown there may not be a ForexLive NFP T-shirt competition next week. George Soros said: “Bulls make money, bears make money, but only the chosen few have a ForexLive T-Shirt” US President Barack Obama has blamed Republicans for endangering the chance for all Americans (and indeed, citizens of the world) to win the coveted prize. House Speaker John Boehner, in a contradictory statement, blames Democrats. Acrimonious negotiations continue.
It may be possible that the NonFarm Payroll report, scheduled for release October 4 , could still be published despite a government shutdown:
In a memo from Bureau of Labor Statistics Commissioner Erica Groshen to her superiors, Ms. Groshen said the administration could authorize the department to release a “principal federal economic indicator” after a shutdown occurs. The employment report, scheduled for release next Friday, is one of those indicators.
- The Office of Management and Budget could authorize a release of certain economic data and empower BLS to assemble a small staff in order to publish the report.
- Former BLS Commissioner Keith Hall said this week that an expedited release of the jobs report might be necessary because by Tuesday government analysts will likely have already calculated September’s unemployment rate. The survey that determines the rate was conducted earlier this month.
- This is the only Nonfarm Payroll report available before the FOMC October meeting, and there is also the Job Openings and Labor Turnover Survey (JOLTS) scheduled for release on October 8, which would also be subject to non-release should there be a government shutdown