High Country Times

Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) and Health, Employment, Labor, and Pensions Subcommittee Chairman Bob Good (R-VA) have addressed a letter to Acting Secretary of Labor Julie Su regarding the Biden-Harris administration's handling of the August job numbers release. The release required a downward adjustment of 818,000 jobs and was delayed by 30 minutes. During this delay, some Wall Street firms received the information early after contacting the Department of Labor’s Bureau of Labor Statistics (BLS), potentially giving them an unfair advantage.

This incident is not isolated. In March, it was reported that a BLS economist shared nonpublic information with several Wall Street firms. Additionally, on May 15, BLS mistakenly uploaded data files to its website 30 minutes before their scheduled release time.

In their letter, Foxx and Good stated: “On August 21, 2024, the [BLS] released revised job figures showing the 2024 Current Employment Statistics Preliminary Benchmark Revision (‘Job Numbers’) with a downward adjustment of 818,000 jobs, BLS’s largest revision of these job figures since 2009. The Committee on Education and the Workforce (Committee) is also concerned about reports that BLS botched its release of the Job Numbers to the public—likely giving an unfair advantage to several Wall Street firms. Accordingly, to ensure the integrity and transparency of the Job Numbers for the American public, the Committee is conducting oversight on this important matter.”

The lawmakers continued: “BLS scheduled the release of the Job Numbers for 10:00 a.m. Eastern Daylight Time on August 21. However, BLS did not release them at this time. BLS instead released them 30 minutes later. While the public waited for the release, BLS provided the Job Numbers in advance of the public release to some Wall Street firms. As a result, rumors circulated on Wall Street with some analysts able to report the correct Job Numbers confidently and others spreading incorrect information. Trading volumes spiked around BLS’s delay. At best, BLS’s botched release of the Job Numbers caused significant uncertainty and confusion and undermined confidence in data. At worst, BLS’s actions may have provided an unfair advantage to several firms.”

Foxx and Good concluded by requesting additional information from Acting Secretary Su:

1. All DOL guidance and regulations governing releasing job numbers.

2. Identification of officials at BLS who provided job numbers in advance.

3. A list of firms that received job numbers early along with all related documents and communications.

To read more details from their letter click here.