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Three Banks Quietly Obtained Payroll Numbers From Biden-Harris BLS By Phone as it Delayed Posting Jobs Report For 30 Minutes Due to ‘Technical Issues’
Gateway Pundit ^ | August 21, 2024 | Cristina Laila

Posted on 08/22/2024 3:42:40 AM PDT by Red Badger

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 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.

Submit additional information.


TOPICS:
KEYWORDS: bls; insidertrading; jobs; wallstreet
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To: Skwor

The question now is “how and who in those banks are connected to the democrat/Biden/Harris regime?”

**************

Follow the money. It the key to special access.


21 posted on 08/22/2024 6:55:45 AM PDT by Starboard
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To: alloysteel

“Incompetence permeates virtually every part of the Federal government”

This is been known for decades. My older brother worked for the VA in DC after graduating with a Masters Degree in Accounting back in the early 1980s. He was told that he should only stay a Federal government employee for no more than two years. Any length beyond that and no one in the private sector around DC would want to hire you. That is because Federal government employees are know to be lazy and incompetent.


22 posted on 08/22/2024 7:00:08 AM PDT by woodbutcher1963
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To: The_Media_never_lie

I would have lost money on this inside information. Who would think equities would go up when the government says opps, there were a million less jobs than we reported and implied their other data is suspect to be wrong. They already release updated downward every month quietly.

Only in bizarro world does main street blood feed wall street gold/$.


23 posted on 08/22/2024 7:02:54 AM PDT by wgmalabama (Censored!)
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To: Vermont Lt

Right on every point.

We could all make a lot of money if we had that kind of favored access. Likewise, we could also make a lot of money if the Federal Reserve made money available to us at rates that virtually guarantee profits like they do for the banks.

The only ‘privilege’ we get is paying ever higher taxes that get funneled to the elites.


24 posted on 08/22/2024 7:05:17 AM PDT by Starboard
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To: alloysteel

“Incompetence permeates virtually every part of the Federal government”

***************

When it comes to doing their actual jobs you’re right. But bear in mind that there’s a method to their madness; incompetence means not efficiently fixing problems and that perversely provides justification for their ever increasing budgets (i.e., “we can serve the taxpayers better with more resources”). So in that vein, they are very smart.

Just ask any bureaucrat in DC if their agency needs more money and they will give you a hundred self-serving reasons why.


25 posted on 08/22/2024 7:18:12 AM PDT by Starboard
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To: Red Badger

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.

xxxxxxxxxxxxxxxx

hmmm, all 3 are foreign domiciled banking operations?

did they kick up 10% to the big guy as his going away present?


26 posted on 08/22/2024 7:20:54 AM PDT by thinden (buckle up ....)
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To: wgmalabama

I would have lost money on this inside information.

***************

You don’t know where they decided to deploy their money as a result of this privileged access to information. It might not have been stocks. Could have been bonds, alts, derivatives, or even equities that in certain sectors. They wouldn’t make the calls if they were not going to profit in some way IMO.


27 posted on 08/22/2024 7:24:32 AM PDT by Starboard
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To: cymbeline

“I don’t care about the 30 minute delay in reporting the latest number, but the BLS owes us an explanation for the inaccurate reporting of jobs data over the last year.”

Bingo.


28 posted on 08/22/2024 7:32:13 AM PDT by muglywump (Seven days without laughter makes one weak.)
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To: Red Badger

Those banks needed to get “trades” in to “protect” certain people. Timely inside information is worth a lot, and the Deep State milks it. Anyone who thinks the markets aren’t manipulated just isn’t paying attention.


29 posted on 08/22/2024 7:39:05 AM PDT by Rlsau1
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To: Red Badger

I wonder about that that 818k number.
During the year, each month, the previous month’s numbers were revised downward.
Does that 818k number get taken away from the revised numbers ?


30 posted on 08/22/2024 8:26:15 AM PDT by stylin19a (A study found that woman who carry a little extra weight, live longer than the men who mention it.)
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To: stylin19a

It is a revision of the original revisions (guesses) based on actual state data.............


31 posted on 08/22/2024 8:32:22 AM PDT by Red Badger (Homeless veterans camp in the streets while illegals are put up in 5 Star hotels....................)
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To: Red Badger

thanks...and yikes.


32 posted on 08/22/2024 10:05:12 AM PDT by stylin19a (A study found that woman who carry a little extra weight, live longer than the men who mention it.)
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To: Red Badger

I read about a court case where a former employee was charged with stealing some computer code from Goldman Sachs. It turned out they have a deal with Wall Street to peak at the trades a micro second earlier then other traders. This with the computer doing the trades gives them a big advantage.
Like cheating at poker with a marked deck.


33 posted on 08/24/2024 1:10:19 AM PDT by minnesota_bound (Need more money to buy everything now)
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To: Red Badger

It was almost as if no one had even looked at the numbers until time for them to be released. Then someone looked at the revision totals and had a “Oh crap!” moment and thought “we can’t release this info!”

The delay was strange. I was sitting here waiting on the numbers to post and kept refreshing the page thinking my slow internet connection was the problem. I think they were trying to figure out a way not to post the revisions at all or else a way to fudge the numbers to make them look more favorable.

Finally, they realized there was not much they could do and released the revisions hoping the media would cover for them as usual and spin it as a positive.

DEI hires all the way around.


34 posted on 08/24/2024 1:24:39 AM PDT by CFW
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To: CFW

Had to give their donors a heads up so they could pull any funds from certain stocks............maybe?......


35 posted on 08/24/2024 5:33:56 AM PDT by Red Badger (Homeless veterans camp in the streets while illegals are put up in 5 Star hotels....................)
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To: minnesota_bound

36 posted on 08/24/2024 5:46:13 AM PDT by Red Badger (Homeless veterans camp in the streets while illegals are put up in 5 Star hotels....................)
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To: Starboard

Understand that but my point is I’m too stupid to see how data manipulation that resulted in coming back and saying opps we lost 1M jobs yet the market goes up. I’m just too stupid to understand that. I’m ok with that but can not understand it.


37 posted on 08/24/2024 8:21:48 PM PDT by wgmalabama (Censored!)
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To: wgmalabama

Actually I think you’re quite perceptive. You see the historical and logical disconnects.

Lots of people are confounded by the market’s behavior. In the case of the 1M jobs ‘adjustment’ I think some people concluded this drop gives the Fed cover for dropping interest rates, and therefore money becomes cheaper for businesses. Which means (theoretically) higher profits.

But there are also computer trading algorithms, elephant traders, foreign money, other government economic manipulation, arbitrage plays, etc. driving the markets. The complexity of it all is mind boggling.


38 posted on 08/25/2024 9:44:42 AM PDT by Starboard
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