On the first Friday of each month, the Bureau of Labour Statistics releases the Jobs Report.
This is the premier data point on the US economic calendar and is viewed as the best overview of the most important part of the economy: the workforce.
The report comes out at 8:30 am ET, but there are 4 people who get the report beforehand so they know what’s coming the next day.
On Barry Ritholtz’s Masters in Business podcast this week, Alan Krueger, current economics professor at Princeton and formerly the Chairman of the Council of Economic Advisors under President Obama, reveals these early release recipients:
- Chairman of the Council of Economic Advisors
- Chair of the Federal Reserve
- Treasury Secretary
Krueger said that the Chairman of the Council of Economic Advisors — currently Jason Furman — meets with the President the night before the release to discuss what the next day’s report will reveal.
The chair of the Federal Reserve — currently Janet Yellen — gets a one-page sheet outlining what will be in the jobs report as does the Treasury Secretary — currently Jack Lew. These two heads ups are sent by secure fax, Krueger said.
So there you have it: mystery solved.