Goolsbee: Government Shutdown Leads to Data Gaps, Increasing Difficulty for Federal Reserve Decision-Making
In 2025, FOMC voting member and Chicago Federal Reserve President Austan Goolsbee stated on Wednesday that the lack of official data during the U.S. government shutdown will make it more difficult for Federal Reserve officials to interpret the economic situation. Goolsbee reiterated concerns about the recent rebound in service sector inflation, suggesting that this could mean price pressures will persist in economic areas least affected by tariffs. He noted that while there are many non-government sources of labor market data, inflation statistics are not among them. Goolsbee said, "If we don't have this data, that's a problem." He added that the Federal Reserve is "entering a period that needs to be clarified: does this indicate a shift? If relevant data cannot be obtained, it becomes even harder to judge." Government agencies responsible for collecting and publishing economic data will not conduct related work during the government shutdown that began on Wednesday. The U.S. Bureau of Labor Statistics was scheduled to release the monthly consumer price report on October 15, while Federal Reserve officials will hold their next policy meeting on October 28-29
According to the Zhitong Finance APP, on Wednesday, 2025 FOMC voting member and Chicago Federal Reserve President Austan Goolsbee stated that the lack of official data during the U.S. government shutdown will make it more difficult for Federal Reserve officials to interpret the economic situation.
Goolsbee reiterated concerns about the recent rebound in service sector inflation, suggesting that this may indicate persistent price pressures in economic areas least affected by tariffs. He noted that while there are many non-government sources of labor market data, inflation statistics are not among them.
Goolsbee stated, "If we don't have this data, then we're in trouble."
He added that the Federal Reserve is "entering a period that needs to be clarified: does this signify a shift? If relevant data cannot be obtained, it will be even harder to judge."
Government agencies responsible for collecting and publishing economic data will not conduct related work during the government shutdown that began on Wednesday. The U.S. Bureau of Labor Statistics was scheduled to release the monthly consumer price report on October 15, while Federal Reserve officials will hold their next monetary policy meeting from October 28 to 29
