Thursday, August 22, 2024

"At least three banks managed to obtain key payroll numbers Wednesday while the rest of Wall Street was kept waiting for a half-hour"

From Bloomberg via Yahoo Finance, August 22:

Banks obtained crucial jobs data while report was delayed

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. (MFG) and BNP Paribas SA (BNP.PA, BNPQY) both called the department and got the number directly. So did Nomura Holdings Inc.'s (NMR, 8604.T) 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....

....MUCH MORE

It looks like there are at least three bank employees who know how to take initiative.