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Employment is the single most important economic data series for the financial markets because it is an extremely timely and comprehensive measure of business activity. As such, this report is always a major focus of politicians and monetary policy officials and, in turn, commands the full attention of the financial markets around the world. Generally, employment is viewed as one of the best concurrent measures of business activity, although some studies have shown that employment lags output changes. |
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| Economic Indicator Information at a GlanceEmployment | | Market significance | Very high | | Typical release time | 8:30 a.m. Eastern Time; first Friday of the month | | Released by | Labor Department Bureau of Labor Statistics | | Period covered | Prior month | | Web site | http://statts.bls.gov:80/newsrels.htm |
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On the day that the employment report is released, the commissioner of the Bureau of Labor Statistics has a monthly briefing on the employment situation for members of the Joint Economic Committee of Congress. At that hearing, the commissioner reviews, amplifies, and qualifies the employment data and discusses any known anomalies in or forthcoming changes to the data. When Congress is not in session, the commissioner holds a press conference to discuss the report. |
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Because the employment report has so many complex dimensions, at times financial market participants tend to dissect this report more than most economic reports. Moreover, in recent years, the financial markets tend to be more susceptible to mundane technical issues associated with the employment report methodology. Consequently, the level of technical detail |
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