Earlier this year, the BLS reported that a subset of files were released prior to the April CPI report, leading to a premature move in the Treasury market. Previously, a BLS economys shared undisclosed technical calculations with some ‘super-user’ economists, also leading to market moves.
Then in August, the annual non-farm payrolls benchmark revision report was delayed for more than 30 minutes but key details were released via telephone or social media.
A new special committeee report said the agency’s technology and software investments were underfunded and that individuals and leadership were to blame for various missteps. The report said the BLS was insufficiently focused on economic data releases and communication.
Importantly, they also found there were no nefarious motives for any of the mistakes. However the BLS has removed contractors from critical roles and assigned them staff.
“BLS management mandated accountability at the supervisory and manager levels, and added standards for thsoe two levels in performance management plans,” a member of the committee said.