US Labor Dept Pushes Back Timing of Jobs-Data Release Plan for Media - Source
First Published Friday, 8th June 2012 10:33 pm - © 2012 Dow Jones
By Geoffrey Rogow
NEW YORK--The Department of Labor on Friday said it will postpone planned changes to its release of key data such as the market-moving U.S. jobs report.
"We are going to move the effective date on changes," Carl Fillichio, senior adviser for communications and public affairs at the Department of Labor, said in an email. The email was addressed to representatives of several news organizations and was reviewed by Dow Jones Newswires.
In April, the department said that come July, it would no longer allow news agencies to use customized computer networks to send market-moving employment data to a range of clients, including traders. Currently, a number of news agencies, including News Corp. (NWS) unit Dow Jones & Co., publisher of this newswire, maintain specialized hardware and software on government premises, which allow them to transmit the data to subscribers as soon as figures are released.
At a hearing Wednesday by the House Committee on Oversight and Government Reform, which examined the Labor Department's plan, Mr. Fillichio said the planned changes were aimed at addressing complications that have arisen as media companies have jockeyed to deliver data to high-speed traders.
"It has become increasingly challenging to ensure that the technical work performed on behalf of news organizations complies with our data-security policy," Mr. Fillichio said at the hearing.
Some media organizations have expressed concerns about the changes, suggesting they may introduce errors in reporting and threaten smooth distribution of the news.
Both the Labor Department and editors for Bloomberg News and Thomson Reuters expressed optimism at the hearing that an agreement could be reached in time to satisfy all parties involved. Citing that optimism, Committee Chairman Darrell Issa (R., Calif.) had asked the Labor Department to delay the planned changes.
A Dow Jones spokeswoman said the company has been working "to find a mutually acceptable plan," and said, "we welcome the chance to give that process more time."
Greg Babyak, Bloomberg's head of government affairs, said the company was "delighted" at the prospect of a new timetable, adding, "This will provide the time needed to complete constructive discussions that will permit modifications to the lockup that do not undermine the First Amendment or risk market chaos."
Representatives for the Labor Department and Reuters didn't immediately respond to requests for comment.
No date was specified in the email for when the changes may be implemented. "Everyone will be getting an updated schedule by early next week, if not sooner," the email said.
Write to Geoffrey Rogow at geoffrey.rogow@dowjones.com




