Another Biden-Harris Bureau of Labor Statistics scandal.
Three banks quietly obtained key payroll data from the BLS as it delayed posting the jobs report for 30 minutes due to ‘technical issues’ on Wednesday.
Wall Street was thrown into chaos and there was confusion at trading desks on Wednesday morning after the BLS failed to post its jobs report revealing nearly 1 million jobs vanished in the last year.
The BLS was supposed to post its report online at 10 am ET.
The report wasn’t posted until 10:30 am ET, however, at least three banks obtained the key payroll data as the rest of the public was left in the dark.
Watch Fox News report on the so-called ‘technical issues’
The Harris-Biden Bureau of Labor Statistics is having “technical issues” in releasing the expected downward revision of past year’s jobs numbers pic.twitter.com/5RGeeVHVqY
— RNC Research (@RNCResearch) August 21, 2024
The 818,000 jobs that Kamala Harris and Joe Biden claimed to have “created” over the last year aren’t actually there.
Joe Biden and Kamala Harris were cooking the books the whole time and lying to the American people.
The nonfarm payroll growth between April 2023 to March 2024 was revised down, the Bureau of Labor Statistics said on Wednesday.
That’s 68,000 fewer jobs per month – 115,000 fewer manufacturing jobs and 45,000 fewer construction jobs.
Bloomberg reported:
At least three banks managed to obtain key payroll numbers Wednesday while the rest of Wall Street was kept waiting for a half-hour by a government delay that whipsawed markets and sowed confusion on trading desks.
After the Bureau of Labor Statistics failed to post its revisions to the monthly payroll figures at 10 a.m. New York time, Mizuho Financial Group Inc. and BNP Paribas SA both called the department and got the number directly. So did Nomura Holdings Inc.’s economic research team, according to a person familiar with the situation.
Anger quickly mounted as word spread across Wall Street that the BLS had begun giving out the numbers over the phone. A scramble ensued, with other firms and media outlets, including Bloomberg News, trying to obtain the figures, too.
When the data was finally released around 10:30 am, it showed payrolls will likely be revised down by 818,000 for the 12 months through March, the steepest markdown to the job numbers since 2009. Stocks initially jumped and bonds gained because the report lent support to speculation that the Federal Reserve will start cutting interest rates next month.
This isn’t the first time the BLS has engaged in questionable practices.
“In May, the BLS inadvertently published Consumer Price Index data to its website about 30 minutes ahead of its official release. A month before that, it was reported that an economist from the BLS had answered numerous inquiries from major Wall Street firms like JPMorgan Chase & Co. and BlackRock Inc. on details of data related to the inflation gauge, raising questions about the department’s practices.” Bloomberg reported.
