Submitted by Tyler Durden.
As we reported first earlier, moments after today's market moving initial claims data was posted, we observed that it had been leaked previously as various other data aggregators, but not the main wires, had looked at the DOL's website and found today's claims number had been posted at least 15 minutes before the formal release, and possibly far prior to that. Minutes ago, the DOL, already embroiled in numerous data disclosure SNAFUs was force to add epic humiliation to mere modest humiliation, and admit that the data was indeed released before its official embargo lift time of 8:30 am. 15 hours before. And whose fault is it? Why a "computer glitch" of course. In other words, computers now have the capacity to not only destroy market makering firms, to push key currency pairs at will, to cause stock market flash crashes, to scuttle mega-IPOs, but also to released key data at will, and entirely on their own. Needless to say, there is never a human being behind any of these errors, which are always in the passive voice. It is always the computer's "fault."
- U.S. Labor Dept. says in e-mail its automated system inadvertently triggered release of data.
- Claims data were posted 5:10pm Washington D.C. time yesterday
- Dept. conducting internal review of new testing procedure
The real question is does anyone even care? If the DOL release key labor data one day in advance to everyone, it is idiotic to believe that all those reponsible for data dissemination do not, at a price, distribute the data to various asset managers who are desperate to get an information arbitrage at any cost over everyone else.
Watching the system implode under its own weight has become an exercise in futility and sadness.