Foxx, Good Demand Answers After Biden-Harris’ Botched Job Numbers
WASHINGTON, D.C.,
September 25, 2024
WASHINGTON – Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) and Health, Employment, Labor, and Pensions Subcommittee Chairman Bob Good (R-VA) sent a letter to Acting Secretary of Labor Julie Su after the Biden-Harris administration botched the August release of job numbers. The numbers, which required a downward adjustment of 818,000 jobs, were released 30 minutes later than their scheduled time. While the public waited for the release of these numbers, some Wall Street firms got a head start as the Department of Labor’s (DOL) Bureau of Labor Statistics (BLS) released the numbers to Wall Street firms that called the agency, potentially giving those firms an unfair advantage.
This is not the first time there have been issues with BLS’s release of data. In March, news reports revealed a BLS economist shared nonpublic information with several Wall Street firms. On May 15, BLS accidentally loaded data files to its website 30 minutes prior to the scheduled release time. In the letter, the lawmakers write: “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 continue: “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 the data. At worst, BLS’s actions may have provided an unfair advantage to several firms.” The lawmakers conclude by requesting that Acting Secretary Su provide additional information, including:
To read the full letter, click here. ### |