Labor Department in U.S. to Eliminate Data on Export PricesLorraine Woellert
The U.S. Labor Department will eliminate data on export prices to comply with government budget cuts, according to a notice posted on the agency’s website.
The department will discontinue publication and production of its Export Price Indexes, which are used in the calculation of gross domestic product and are part of the monthly report on import prices.
In addition, the scope and frequency of the Quarterly Census of Employment and Wages will be reduced, resulting in a “small degradation” of the data, according to the notice.
The nation’s statistical agencies are preparing spending plans after lawmakers last month reached an agreement to fund the federal government, ending a political stalemate over budget cuts.
“There are going to be difficult choices in the budget when it comes to statistics,” Jason Furman, chairman of the White House Council of Economic Advisers, said today at a gathering of the National Association for Business Economics in Arlington, Virginia. “Part of it is doing the best you can do when it comes to limited resources.”