Concerns Over Selective Information Access in U.S. Job Market Reports

On Wednesday morning, economists and investors found themselves in a frustrating situation, repeatedly refreshing their browsers in search of a delayed report on the U.S. job market from a government website. However, not everyone faced such a delay.

Several Wall Street investment firms managed to obtain critical details about the report—revealing a significant downward revision in job growth for 2023 and early 2024—at least 15 minutes before it was officially published on the Bureau of Labor Statistics (BLS) website. This early access, in theory, could have provided these informed investors with a lucrative opportunity to act on the information before it was made available to the general public.

It remains unclear how many individuals accessed this data prematurely or if any trading occurred as a result. Interestingly, market reactions seemed muted both before and after the general release of the revised jobs data. Nevertheless, this incident adds to a troubling pattern of the agency selectively distributing sensitive information to certain investors, bypassing the general public.

• In February, an employee from the labor bureau inadvertently sent information regarding housing inflation—a topic of considerable interest to investors—to a select group of “super users” that included several hedge funds. Although the information turned out to be incorrect, agency leaders acknowledged that sharing such data selectively was inappropriate, regardless of its accuracy.
• In May, the BLS admitted to mistakenly posting data related to the Consumer Price Index (CPI)—one of the most closely watched monthly economic reports—30 minutes earlier than scheduled. These files are typically monitored by Wall Street firms, while less sophisticated users often miss out on such critical updates.

These incidents collectively raise significant concerns about the Bureau of Labor Statistics’ management of sensitive economic information, highlighting potential inequities in access that could undermine public trust. Julia Coronado, founder of MacroPolicy Perspectives—a research firm catering to Wall Street clients—emphasized the importance of transparency and equal access to information in maintaining the integrity of market operations.