The U.S. Department of Labor has acknowledged a technical error that led to a delayed release of critical payroll data last week, inadvertently allowing some individuals to access the information before it was made public. The incident has prompted the Bureau of Labor Statistics (BLS) to revise its data dissemination protocols to prevent similar occurrences in the future.
According to a Labor Department spokesperson, a glitch on August 21 delayed the release of preliminary benchmark revisions to payroll figures by more than 30 minutes. While the data was not publicly available online until approximately 10:32 a.m. Washington time, BLS employees could access the information internally by 10:10 a.m. This miscommunication led to some staff members providing the data to callers who inquired, believing it was already publicly released.
In response, the BLS has implemented new measures to ensure that data releases are more robust and reliable. These measures include multiple distribution channels for each release, such as social media, and a newly established protocol that prohibits employees from sharing data until senior BLS officials confirm its availability to the public.
This incident is part of a series of recent mishaps at the BLS, drawing criticism from Wall Street firms that depend on timely and accurate economic data. In May, the BLS mistakenly released consumer price index data 30 minutes ahead of schedule. Earlier this year, concerns arose when records suggested that a BLS economist had been in communication with major Wall Street firms about U.S. inflation data before it was widely disseminated.
The recent lapses have raised concerns about the reliability of procedures for releasing some of the world’s most critical economic indicators. Wall Street banks, which rely heavily on these data points to gauge the health of the U.S. economy, have expressed frustration over the recurring issues.
BLS data, particularly nonfarm payroll employment figures, are closely monitored by the Federal Reserve, businesses, and policymakers to assess labor market trends and broader economic conditions. The August 21 release indicated that U.S. payrolls might be revised downward for the year through March, marking the most significant adjustment since 2009.
The Labor Department spokesperson also mentioned that further steps would be announced in the coming days to enhance the security and accuracy of data releases. The BLS has informed the Department of Labor’s Office of Inspector General about last week’s incident, signaling the seriousness with which the agency is treating these errors.
