I always wonder where are the first primary sources do economic releases (CPI, GDP, etc) get released to? I, as an ordinary guy, always see they come up minutes after the official release time and after the markets have moved massively. In this introduction of this book, it says that a select group of economic reporters (Bloomberg, Reuters, WSJ) gather in the Labour Department's secured press room, given the jobs release to read at 8:00am and then draft their news reports, and then allowed for transmission right at 8:30am. Is it really how it works? I kept refreshing all major news websites, the earliest to show was at 8:32am today. So I guess paid wire subscribers might get it close to 8:30am? How about the Labours Departments itself, should I expect this page to update at 8:30am?
Don't know about CNBC or Fox Biz, as I don't watch them, but Bloomberg TV (which is also available online) announced it right @ 8:30am. Trouble is move started by then. I got short NQ, based on a signal I had, @ 8:29:21 but covered way, way too soon. "Maybe next time".
today CPI data release 85 seconds before the data release, US index futures went up, then went down extremely rapidly. ie bid-offer spread would be extremely wide. Those traders must be having some real-time economic data and some form of automated trade entry. Even if you have real-time economic data, it is unlikely you can earn much money due to the horrific spread and slippage.
I heard and saw it @ 8:30 and whatever seconds. But not 60 or more seconds later. Their economics reporter in D.C. read rate and report details as soon as they are allowed to 8:30. If you saw flash @ 8:31 your clock is off, or cable provider delays transmission for whatever reason. The talking heads babble on for at least 15 minutes more, but flash is for all those with sound muted. Don't know how quickly they get that up on screen as I listen and watch report, then turn TV off during trading hours till next major report date.
I think the core of my question is shouldn't we be able to get the release in the Labour Dept as early as other media? That is the primary source, and I always wanna go to the source whenever possible. The media release and transmit based on their subscription tiers, so I rather consume at the source.
Selected Media used to get Data early but with strict conditions and penalties for using it before official release. Not sure if that still applies today.
It's within seconds on the Bloomberg Terminal. They prep the release and then post it at 8:30 sharp. That's why you see the market moving before Santelli or Leisman can say the numbers. And they all dump at once, while he has to read them one at a time. Sometimes the headline number is good but there's something buried further down that causes the market to go the other way.