Photo: White House via Flickr
The U.S. employment situation report, which is published monthly by the Bureau of labour Statistics, may be the most closely watched economic report in the world. And it has the power to move markets.It gets released at 8:30 AM EDT on the first Friday of the month.
As President of the U.S., Barack Obama is one of a handful of people who see the report well before the rest of the world.
From Bloomberg’s Hans Nichols:
President Barack Obama probably will receive August’s unemployment report before he delivers his acceptance speech tonight at the Democratic National Convention in Charlotte, North Carolina, said Austan Goolsbee, a former chairman of the White House Council of Economic Advisers.
“The numbers usually come in the afternoon, so he probably will” see them before the address, Goolsbee said. “He would have to use a secure phone,”
And you can bet Wall Street traders will be paying close attention to Obama tonight for any clues. UBS’s Art Cashin wrote about it in his daily note this morning:
Sources suggest that the President may know tomorrow’s payroll numbers when he speaks tonight. Traders will watch every nuance on the topic of employment so they can make an educated guess – pre-data.
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