Labor Department delays a key consumer spending report

The Department of Labor delayed the release of a key report used to assess inflation and the cost of living in the United States. It is the Annual Consumer Expenditure Report (CES), conducted annually by the Bureau of Labor Statistics (BLS), from which they noted that the release will be "rescheduled for a later date."

The BLS is an agency within the Department of Labor that is responsible for collecting critical data on employment and consumer spending in different categories. This information allows the Consumer Price Index (CPI) basket to be adjusted to better reflect actual consumption habits.

According to the BLS website, it is a "federal household survey that provides information on the full range of consumer spending and income." The report is also used to update wages, welfare benefits, and contracts. It even influences the Federal Reserve's monetary policy decisions. 

The report was originally scheduled for Sept. 23, but a new release date has not been provided.

"The only real difference is that the 2024 press release explicitly noted a new publication date and also indicated that the delay was due to an error that they had to correct. Today's press release doesn't give any information on what caused the delay or when it'll be released, so that is a bit odd," economist Omair Sharif of Inflation Insights told Axios.

The BLS was initially established in 1884, under President Chester A. Arthur. Initially, under the Department of the Interior, to collect employment and labor data. In 1903, it was incorporated into the Department of Commerce and Labor (now divided into two) and then finally came under the DOT in 1913.