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Disgruntlement on Wall Street as 3 Brokers Get US Nonfarm Payroll Revision Data Early, Amid Delays
The US Bureau of Labour Statistics released the preliminary revision of nonfarm payroll data last night (21 Aug), but with an unexpected delay of more than half an hour, which plun...
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Disgruntlement on Wall Street as 3 Brokers Get US Nonfarm Payroll Revision Data Early, Amid Delays
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The US Bureau of Labour Statistics released the preliminary revision of nonfarm payroll data last night (21 Aug), but with an unexpected delay of more than half an hour, which plunged the market into volatility.

However, according to Bloomberg, at least three brokers, including Mizuho Financial Group, BNP Paribas and Nomura, phoned the Bureau and got the data directly, an incident that aroused the dissatisfaction of other major Wall Street brokers.

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The revision, the largest downward revision since 2009, showed actual nonfarm payroll growth from April 2023 to March 2024 revised downward by 818,000, or nearly 30%, from the 2.9 million initially reported. US stocks and US bonds rose in response to the release of the data, as markets stepped up expectations that the US Federal Reserve will cut interest rates starting next month.

A Nomura spokesperson didn't comment on the report. Yelena Shulyatyeva, a senior US economist at BNP Paribas, said she just called the public phone number of the Bureau of Labour Statistics because the data didn't appear on time, and got the data that way.



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