Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

groundloop

(11,486 posts)
Mon May 25, 2020, 07:40 PM May 2020

U.S. government cuts off early look at economic data for news media

Source: CBS News

The U.S. Labor Department is ending its long-standing system of allowing news reporters to review government economic data, including high-profile reports on unemployment, retail sales and inflation, before the data is publicly released.

The department for decades has given news organizations an advance look at such data to give them time to assess the numbers and prepare news reports to be distributed once the data is officially released. News organizations had long valued the 30 minutes to an hour the Labor Department had given them in what are known as "lock-up rooms" to review the data, question government officials about it and ensure that their articles were accurate and complete when the information was released.

But William Beach, commissioner of the department's Bureau of Labor Statistics, said in announcing the decision last week that the past two months, when all such media lockups had been suspended over the coronavirus pandemic, had shown that the absence of the lockups did not cause much of a time delay or a decline in the accuracy of news reports.

snip

The Associated Press and several other news organizations protested that that decision would make the economic data releases less secure and less useful to the public. The news organizations also asserted that the department's new policy would fail to meet its stated objective of leveling the playing field between high-speed investment firms, which trade off the data in mere seconds, and the general public. Since then, the two sides had been engaged in negotiations toward a potential compromise.





Read more: https://www.cbsnews.com/news/feds-cut-off-early-look-at-economic-data-for-reporters/

24 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
U.S. government cuts off early look at economic data for news media (Original Post) groundloop May 2020 OP
That means what's coming is bad. greatauntoftriplets May 2020 #1
If 36% are unemployed and 7 million die, no one will have a clue? bucolic_frolic May 2020 #2
red don insiders front running trading the data not fooled May 2020 #3
Don't think the extra 40 minutes, or so, will make much difference. Bad news is still bad, Hoyt May 2020 #4
Elections are just ahead and they want to suppress the numbers as long as they are able pecosbob May 2020 #5
It's not being suppressed for any length of time -- it will still be posted online at 830 AM ET by progree May 2020 #9
thnx pecosbob May 2020 #10
You're welcome n/t progree May 2020 #14
For once I don't disagree with a decision by this administration. 40 minutes, in a 24 hour Squinch May 2020 #6
40 minutes of insider knowledge makes a difference when buying or selling stocks. Doodley May 2020 #13
If they don't tell ANYONE how does that enable ... reACTIONary May 2020 #16
Before: some media people got an early look at the data 40m or so before it's posted online progree May 2020 #17
+10 nt reACTIONary May 2020 #15
BEWARE.... they will "cook" the books ashredux May 2020 #7
Yes, this is the 2nd or 3rd step to cook the books and it ain't only the unemployment numbers! machoneman May 2020 #21
The BLS jobs report will still be posted online at 830 AM ET sharp (1st or 2nd Fri), as always, progree May 2020 #8
They need to off load more stocks first. "Never mind the man behind the curtains!" Ford_Prefect May 2020 #11
bingo! they need time to get their trades in before the news breaks, I bet tRump has made yaesu May 2020 #18
"they need time to get their trades in before the news breaks" - true, now that I think about it, progree May 2020 #20
Trump will claim the November numbers are "tremendous." A few days after the election, we will know. Doodley May 2020 #12
The timing of this isn't suspicious even one little teeny tiny bit? Brainfodder May 2020 #19
Sounds like they're going to keep doing what they've done for the last couple of months. Igel May 2020 #22
Yes, somehow the Washington Post got it out last time (May 8) at or before 831 AM ET progree May 2020 #23
the repukes need more time to cook the books. nt Javaman May 2020 #24

greatauntoftriplets

(175,694 posts)
1. That means what's coming is bad.
Mon May 25, 2020, 07:47 PM
May 2020

So the speculation prior to the release will focus on what's expected to be negative. But it'll all come out at some point. Republicans hoist with their own petards once again.

 

Hoyt

(54,770 posts)
4. Don't think the extra 40 minutes, or so, will make much difference. Bad news is still bad,
Mon May 25, 2020, 07:58 PM
May 2020

same as good news.

pecosbob

(7,502 posts)
5. Elections are just ahead and they want to suppress the numbers as long as they are able
Mon May 25, 2020, 08:14 PM
May 2020

A 10%+ unemployment figure will doom this administration in November. No presidential re-election campaign can survive that number.

progree

(10,864 posts)
9. It's not being suppressed for any length of time -- it will still be posted online at 830 AM ET by
Mon May 25, 2020, 08:41 PM
May 2020

the BLS on the first or second Friday of the month, as always. Though media reports about it will be some minutes later. More in #8 below https://www.democraticunderground.com/?com=view_post&forum=1014&pid=2500392

Squinch

(50,773 posts)
6. For once I don't disagree with a decision by this administration. 40 minutes, in a 24 hour
Mon May 25, 2020, 08:30 PM
May 2020

news cycle, doesn't make any difference. And it sounds like it required locked rooms and probably guards and lots of mishigas.

reACTIONary

(5,749 posts)
16. If they don't tell ANYONE how does that enable ...
Mon May 25, 2020, 09:14 PM
May 2020

.... insider trading. Not that it happened, but telling some few people in advance is more risky than telling noone.

progree

(10,864 posts)
17. Before: some media people got an early look at the data 40m or so before it's posted online
Mon May 25, 2020, 09:15 PM
May 2020

Now they don't. So everyone sees the report at the same time: 830 AM ET first Friday of the month (sometimes 2nd Friday), other than those who prepared the reports, as always. If some media person or people used to leak it early to someone(s), that source of leak is gone now. Of course the BLS people responsible for preparing the report could still leak.

Edited to add: now that I think about it, the sophisticated types that look at the BLS website at 830 AM ET will see the report some minutes before it gets more widely seen by most average investors through the news media. So the latter will be at a disadvantage, whereas before, the BLS report and the media reports both showed up at 830 AM ET.

machoneman

(3,951 posts)
21. Yes, this is the 2nd or 3rd step to cook the books and it ain't only the unemployment numbers!
Mon May 25, 2020, 09:56 PM
May 2020

COVID-19 overall deaths, Florida, North Carolina and Texas infection rates and total deaths, which Fortune 1000 firms got the big $ government-backed loans and far, far more!

progree

(10,864 posts)
8. The BLS jobs report will still be posted online at 830 AM ET sharp (1st or 2nd Fri), as always,
Mon May 25, 2020, 08:39 PM
May 2020

it's just that media news stories reporting / analyzing it will come sometime later for who knows how long later -- maybe 5-10 minutes to get the bare-bones out from the report (the payroll jobs number and the unemployment rate) and whatever longer to do some more reporting and analysis.

In the past I've always gone to http://www.BLS.gov just before 830 AM ET and waited for the unemployment rate and payroll employment numbers to change on the right side and in the top headline, and then I click on the link to the unemployment rate or payroll employment (both links are always https://www.bls.gov/news.release/empsit.toc.htm and the first item in this Table of Contents is the Summary which is always https://www.bls.gov/news.release/empsit.nr0.htm ) and it starts out with a narrative with these 2 key numbers.

I'm sure that will be what the usual LBN posters who compete to be the first poster of the news will first post (first Friday of the month most months at 830 AM ET). Otherwise they will lose out to someone else who does.

When the monthly job reports come out: https://www.bls.gov/schedule/news_release/empsit.htm
For the rest of the year it will be on the first Friday of the month.

yaesu

(8,020 posts)
18. bingo! they need time to get their trades in before the news breaks, I bet tRump has made
Mon May 25, 2020, 09:15 PM
May 2020

millions trading, manipulating the market.

progree

(10,864 posts)
20. "they need time to get their trades in before the news breaks" - true, now that I think about it,
Mon May 25, 2020, 09:28 PM
May 2020

the sophisticated types that look at the BLS website at 830 AM ET will see the report some minutes before it gets more widely seen by most average investors through the news media reporting. So the latter will be at a disadvantage, whereas before, the BLS report and the media reports both showed up at 830 AM ET.

Igel

(35,191 posts)
22. Sounds like they're going to keep doing what they've done for the last couple of months.
Mon May 25, 2020, 10:09 PM
May 2020

In other words, you wouldn't notice any different from the last two months--and since nobody made a big deal about it when they started doing it this way ...

progree

(10,864 posts)
23. Yes, somehow the Washington Post got it out last time (May 8) at or before 831 AM ET
Tue May 26, 2020, 04:16 AM
May 2020

because BumRushDaShow posted this original version at 831 AM ET May 8 of the April jobs report. Somehow.
https://www.democraticunderground.com/?com=thread&info=1&address=10142489386

The month before (April 3), the Washington Post had it out at 833 AM ET according to post #1 (which was posted 836 AM).

By Washington Post Staff
April 3, 2020 at 8:33 a.m. EDT
https://www.democraticunderground.com/?com=view_post&forum=1014&pid=2462378
Latest Discussions»Latest Breaking News»U.S. government cuts off ...