 "US admits releasing inflation data 30 minutes earlier than scheduled, putting norms into question")
The US Bureau of Labor Statistics (BLS) has admitted that it released the monthly inflation last month around 30 minutes before schedule.
The earlier-than-scheduled release of the Consumer Price Index (CPI) data has put the norms and protocols of the agency in question. The inflation data is released at a pre-determined time as per a strict protocol as it is relied upon by traders and analysts to look for signals of the direction of the American economy.
The premature release of data or early access of data to some may put BLS’ impartiality of the agency and its integrity into question.
“In advance of today’s CPI and Real Earnings releases, BLS inadvertently loaded a subset of files to the website approximately 30 minutes prior to the release. BLS has alerted the Office of Management and Budget and DOL’s Office of the Inspector General of the incident. BLS takes its data security seriously and is conducting a full investigation into its procedures and controls to ensure the incident is not repeated,” said BLS in a statement.
This is not the first time that the practices of BLS have been put into question. Last month, Bloomberg reported that a BLS economist had engaged with major Wall Street companies like JP Morgan Chase and BlackRock about inflation data. The reported incident put the BLS’ commitment to providing equitable access to economic information in question.
Following the latest BLS statement, Bloomberg noted in a separate report that the admission is likely to prompt a “deep and broad” review of how economic information about the US economy is disseminated as it has implications for major assets trade and even Federal’s Reserve’s policy.
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