Re-reading your post a few times, I don't think I misunderstood you. You claim that that final step A + B + C +D isn't done until the very last moment. I claim that that's wrong. There's no point in waiting and the statistical agencies would want to final error check the numbers. This isn't the KFC.
Be sure to post that shit here 5 minutes before the data is officially released this week. You can trade it fat and ET can help to push it. Wow, they left the report on Beeks' desk and forgot all about Vet's Day.
Its my understanding that the quality of the components is checked thoroughly and consistently before each of those factors is sent to the appropriate central office of whichever government department is releasing the data. Sticking to the same example on non farm payrolls⦠Lets just say there are 6 regions from which the data is collected and then each of those regions is per capita weighted for the final number. Each contributing regions data is âsanityâ checked to use your word. They are not combined for the final tally until a short time before the number is due for release to protect the integrity of the data. I am not talking 5 minutes before release but indeed that morning. This is the way I was taught how the system works. My former direct boss at the large IB I used to work for was with the FED for a long long time and I assume he has no reason to be untruthful.
There is no "report" to be written up, its a data release. No one is saying anything about collecting "fresh" data over night either, the data from the EIA is not up to the minute.
You're so wrong. Of course there is a report written. Haven't you been reading this thread? You doubt his veracity?
Finally, you revealed the truth: you are imagining things, it is your "former direct boss" who told you some stories about FED. Well, let me tell you this, FED even releases Bernanke's speech to Steve Liesman hours before Bernanke reads it to his audience. And I know who writes Bernanke's speech, and I know who has input into the speech. I personally deleted a few words in his speech to the Economic Club of New York today. He asked me why I deleted those words, I said to him: "too much for the market to handle." In the oil case, the storage facilities managers faxed their numbers to the Energy Department on Friday afternoon the previous week. Yep, that is 5 (five) days before the release time. Repeat: 5 days before the release time.
Perhaps you could expand on what you believe I am imagining? Since you can read my mind... I am thinking of a number between 1 and 10, what is it? There is no question that many times Bernanke's remarks are released to the press before he gives them, it depends on context his speech is being given in. FOMC remarks are not pre released. All of that is a moot point since we're not talking about the FED chief's remarks, we're talking about governement collected data.