September's inflation report will land just in time for the Fed meeting

On Friday, the Bureau of Labor Statistics said it will release the September consumer price index report on Friday, Oct. 24 at 8:30 a.m. ET. According to the agency, it will publish the data due to its critical role in calculating the size of next year's Social Security benefits, deadlined for Nov. 1.

“No other releases will be rescheduled or produced until the resumption of regular government services,” BLS said in a statement. “This release allows the Social Security Administration to meet statutory deadlines necessary to ensure the accurate and timely payment of benefits.”

For most of the government shutdown, the BLS has mostly closed down and operated with a full-time staff of one: acting BLS commissioner William Wiatrowski.

However, the BLS recalled some furloughed employees back this week to help assemble only the September inflation data. Since agency employees aren't collecting data for next month's inflation report, it's possible more delays are on the horizon even after federal funding is restored.

The next Fed meeting is scheduled for Oct. 28 and 29, meaning that the inflation report will land in time for central bank officials. Federal Reserve Governor Christopher Waller told Bloomberg on Friday that having the inflation data publicly available would help "a lot," particularly as the Fed balances a weaker labor market with the risk of worsening inflation.

The agency isn't releasing its other major economic reports. The ongoing government shutdown led BLS to postpone releasing the September jobs figures, and it's unclear when last month's employment report might be published.

In the meantime, other private-sector gauges are stepping into a back-up role and providing glimpses into a weakening labor market. Payroll processor ADP and Revelio Labs are emerging as popular alternatives while the BLS is virtually shuttered.