The Bureau of Labor Statistics has taken steps to address issues that led to the release of key economic data at improper times in 2024, though a watchdog said it has more work to do in establishing safeguards.

A report by the Labor Department’s inspector general looked at a trio of incidents in which economic data was either released early or late, or methodology was shared externally before it was made available to the public. In each case, BLS leaders didn’t learn of the situation until up to an hour after they occurred.

BLS data for key reports like CPI inflation data and the benchmark revisions to the employment data that underlies the monthly jobs reports carries a great deal of significance for economic decision-makers and financial markets, and untimely or unauthorized releases could give some traders an advantage over their peers.

The report explained that the watchdog had identified shortcomings in procedures around data release processes, and the BLS inadequately emphasized the importance of equitable access to information and safeguarding internally-restricted materials. The IG said that the BLS’ deviations from policy in those cases “negatively affected its reputation and credibility.”

INFLATION ROSE AGAIN IN MAY AS ELEVATED ENERGY PRICES SQUEEZED CONSUMERS

The BLS accidentally released inflation data early and a key employment report late in 2024, in addition to cases of sharing internal data methodology with external sources. (Joe Raedle/Getty Images)

In May 2024, the monthly consumer price index (CPI) data was published 31 minutes before it was scheduled to be released, while in August 2024 the publication of BLS’ preliminary benchmark revision to employment data was delayed for 34 minutes even though it was provided to some users who reached out to the agency.

Additionally, internal or inaccurate methodology information was shared externally three times that year before it was published.

“In response to these incidents, BLS closed gaps in IT safeguards, revised performance standards, strengthened management oversight, and training,” the IG report said.

TRUMP ORDERS TERMINATION OF LABOR STATISTICS OFFICIAL AFTER JOBS REPORT AND DOWNWARD REVISIONS

The Bureau of Labor Statistics said it has revised policies and procedures to prevent unauthorized releases of economic data. (Anna Moneymaker/Getty Images)

“However, we identified additional improvements BLS could make to reduce the risk of improper disclosure of essential economic information,” the inspector general added.

“BLS still needs to update its testing procedures, clarify its recently updated policies and procedures, and ensure staff’s compliance by improving buy-in, understanding of expectations, and accountability,” the IG explained, adding that it should also finalize its crisis communications plans and perform related exercises to ensure staff are prepared for such scenarios.

Acting BLS Commissioner William Wiatrowski included a letter responding to the report which said that the results of the audit are “generally consistent with the previous reviews” aimed at guarding against early or unauthorized disclosures.

TRUMP VISITS MACK TRUCKS PLANT IN BATTLEGROUND PENNSYLVANIA DISTRICT TO TOUT ECONOMIC AGENDA AS MIDTERMS LOOM

Economic data carries great importance for financial markets and economic decision-makers, raising the stakes of untimely or unauthorized releases. (Reuters/Jeenah Moon)

Wiatrowski explained that the IG’s report acknowledges several of the corrective measures the BLS has undertaken, saying that in some cases the report and its recommendations “fail to recognize the totality of corrective measures taken or clarifying documentation provided.”

“The OIG conclusion does not recognize that BLS has already strengthened IT testing, updated customer service policies, procedures and training, updated and disseminated the BLS Crisis Communication Plan to all BLS staff with defined roles and those staff have exercised said plan,” he added.

The report comes as the BLS is scheduled to release the June jobs report on Thursday, rather than the usual Friday due to the observance of Independence Day.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Economists polled by LSEG are projecting that the economy added 110,000 jobs in June, a figure that would mark the fourth straight month of steady job gains despite representing a deceleration from growth seen in the last three months.

This article was written by

Follow

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Einstein Bros. Bagels is betting big on breakfast.

The Colorado-based bagel chain announced plans last week to open more than 300 new bakeries across the U.S. by 2030, a major nationwide expansion aimed at capturing growing demand in the breakfast category.

The company, which describes itself as America’s largest retail bagel chain, currently operates more than 700 locations and plans to surpass 1,000 in the next four years.

“Americans have voted with their mornings, and the data is clear: Bagels are winning,” Jessica DePetro, CEO of Einstein Bros. Bagels, said in a statement. “That momentum gives us tremendous confidence in our ability to bring Einstein Bros. to more communities, serve more guests and continue to define the future of the bagel category.”

EINSTEIN BAGELS CREAM CHEESE SPREAD RECALLED OVER ALMONDS THAT COULD CAUSE LIFE-THREATENING ALLERGIC REACTION

Einstein Bros. Bagels recently announced plans to open more than 300 new bakeries across the U.S. by 2030. (Einstein Bros. Bagels)

The expansion will be powered by Einstein Bros.’ new “Elevate the Morning” store prototype, which is designed to help the brand scale faster while prioritizing speed, freshness and the in-store experience, according to the company.

Einstein Bros. said the new design combines upgraded finishes, a neighborhood feel and an easier layout, with the fresh-baked case positioned at the front and center.

“We’ve spent years perfecting a highly scalable store model that delivers fresh, high-quality breakfast with the convenience today’s guests expect, and now we’re accelerating that model across the country,” DePetro added.

BELOVED GAS STATION PIZZA CHAIN CEO REVEALS 400-STORE EXPANSION PLAN AS FOOD BUSINESS BOOMS

The expansion will be powered by Einstein Bros.’ new “Elevate the Morning” store prototype. (Einstein Bros. Bagels)

The new bakeries will offer Einstein Bros.’ full menu, including fresh-baked bagels, egg sandwiches, handcrafted coffee, cold brew and catering options.

Einstein Bros. said the push comes as the U.S. bagel category reaches $5.8 billion in annual market value and grows at roughly 5% per year.

The chain currently bakes more than 150 million bagels annually.

COSTCO SHOPPERS STOCK UP ON CULT-FAVORITE COOKIES AS DEMAND SURGES NATIONWIDE

The chain currently bakes more than 150 million bagels annually. (Einstein Bros. Bagels)

The company said younger consumers are helping fuel that momentum. Among Einstein Bros. rewards members, customers under 35 drove a 22% year-over-year increase in store visits.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

“At Einstein Bros., we see bagels differently,” Jessica Serrano, chief marketing officer at Einstein Bros. Bagels, said in a statement. “Beyond breakfast, they’re a ritual and, for a growing generation of guests, a daily habit.”

Group that works with brewers and soft drink makers says it is on track for strong 2026

Bottling and packaging group Thomas Hardy has enjoyed a “record breaking year” with bosses predicting more growth this year.

The group, which is based at Burtonwood near Warrington and also has a base in Kendal, reported turnover of £27.5m for the year ending September 30, 2025 – up 39% on 2024. That helped drive pre-tax profits up 132%, from £1.8m to £4.1m.

In his statement to Thomas Hardy Holdings’ latest set of accounts filed at Companies House, managing director Chris Ward said: “This is the highest profit generated in a financial year for the group since incorporation in 1997. Overall packaged volumes were up 41% on 2024 and the directors forecast further growth in 2026.”

At its Burtonwood base, the group’s new canning line operated for its first full year, with what Mr Ward called “promising volume output”. Meanwhile, work on a warehouse extension at the Bold Lane site started later than expected but “should still offer its facilities to customers in the second half of 2026”.

Mr Ward said the group had also seen success with contract renewals. He said: “Two of the group’s existing customers renewed contracts during the year. 94% of forecast volumes for the next financial year are contracted beyond the next twelve months with a further 3% agreed in principle with contracts pending.”

He added: “The directors are in constant contact with all of the group’s customers and believe that demand will be in line with expectations over the next twelve months.”

The Thomas Hardy group was founded in 1997 by Peter Ward with the acquisition of businesses in Dorchester alongside Burtonwood brewery and Scottish Courage’s Kendal site.

Today the group’s 20-acre Burtonwood site includes two high-speed glass bottling lines and one high-speed canning line, meaning the site can fill up to 350m bottles and 225m cans per year. The group has invested £24.4m in the site over the past six years.

Its Kendal site includes a high-speed glass bottling line and other packaging machines for cartons, trays and shrink-wrapping. The plant has seen £5.9m of investment in the last six years. The group employs more than 120 people.

Mr Ward said: “The directors forecast that volumes in the coming year will continue to grow beyond the output achieved in 2025, with strong demand continuing to come from both bottling and canning customers.

“Operations in Burtonwood on the can line moved to a 24/7 continental shift pattern of working in October 2025 to take advantage of the increasing demand and this shift pattern is expected to run beyond the end of the next financial year.”

A federal judge refused to let Meta avoid trial on key claims in a lawsuit brought by state attorneys general alleging it designed Facebook and Instagram to addict children while allegedly withholding information about harms to minors from the public.

U.S. District Judge Yvonne Gonzalez Rogers on Monday denied Meta’s bid for summary judgment on key claims based on deception, unfair practices and violations of the federal Children’s Online Privacy Protection Act.

The judge also found that the tech giant failed to comply with that law’s notice and parental consent requirements. Rogers granted summary judgment to the states on that issue.

Rogers determined there were material factual disputes over whether Meta’s social media platforms are addictive, whether the company falsely denied allegations that it designed them that way and whether it “partially” marketed the platforms towards children. The ruling does not decide whether Facebook or Instagram are addictive or caused the alleged harms; it means those issues may be considered by a jury.

GOOGLE’S YOUTUBE REACHES SETTLEMENT IN LAWSUIT ALLEGING CHILD SOCIAL MEDIA ADDICTION

A federal judge refused to let Meta avoid trial on key claims in a lawsuit alleging it designed Facebook and Instagram to addict children. (Getty Images / Getty Images)

“The AGs present a reasonable interpretation of [Meta’s] statements that Facebook and Instagram are not designed in ways that cause teens to compulsively use the platforms to their detriment,” Rogers wrote.

“To the extent plaintiffs’ evidence shows that the platforms are in fact designed to do just that, a jury could reasonably find the statements were untrue to a reasonable person,” the judge added.

Meta said that it disagrees with the judge’s ruling.

“We strongly disagree with these allegations and are confident the evidence will show our longstanding commitment to supporting young people,” a Meta spokesperson said in a statement to Fox Business.

“For over a decade, we’ve listened to parents, worked with experts and law enforcement, and conducted in-depth research to understand the issues that matter most. We’re proud of the progress we’ve made, and we’re always working to do better,” the spokesperson continued.

Meta said that it strongly disagrees with the judge’s ruling. ((Photo Illustration by Onur Dogman/SOPA Images/LightRocket via Getty Images) / Getty Images)

California Attorney General Rob Bonta hailed the judge’s decision as a “critical win” in holding Meta accountable for contributing to a mental health crisis among children.

“Now we’ll continue our case and keep fighting to protect our kids online,” New York Attorney General Letitia James wrote on social media.

The states said research has shown that children’s use of Facebook and Instagram could lead to depression, anxiety, insomnia, interference with education and daily life and self-harm such as suicide.

Meta had argued that the attorneys general lacked evidence showing it misled the public about its platforms’ alleged addictiveness, claiming that this was because social media addiction is not an established psychiatric condition, meaning claims that its platforms are not addictive could not be false.

META LOBBIES CONGRESS FOR IMMUNITY FROM LAWSUITS ALLEGING ONLINE HARM TO CHILDREN

California Attorney General Rob Bonta hailed the judge’s decision as a “critical win” in holding Meta accountable. (Arda Kucukkaya/Anadolu via Getty Images / Getty Images)

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The company also pushed back on accusations that it violated the Children’s Online Privacy Protection Act because it marketed Facebook and Instagram to a wider audience and was not only directed at children under 13.

The court sided with Meta on some fronts, including recognizing that the company’s approach of suspending accounts that may belong to users under 13 does not confirm they are underage. The Meta spokesperson said the company intentionally errs on the side of caution regarding accounts suspected of belonging to someone under 13, adding that many may not end up being underage after all.

Rogers also oversees similar multidistrict litigation brought by more than 2,600 people, school districts and local governments accusing social media platforms such as Facebook, Instagram, YouTube, Snapchat and TikTok of addicting children.

A trial on claims brought by California, Colorado, Kentucky and New Jersey against Meta is scheduled for August 18.

Reuters contributed to this report.

President Donald Trump reported more than $1 billion in cryptocurrency-related income in his latest annual financial disclosure, underscoring how digital assets have become a major part of his business portfolio.

The 2025 filing, released Tuesday by the U.S. Office of Government Ethics, spans more than 900 pages and covers the first year of Trump’s second non-consecutive term in the White House.

Trump reported more than $500 million from sales by World Liberty Financial, a crypto company co-founded by members of his family. 

The president also reported $635 million in royalties tied to what the disclosure described as “Celebration Coins,” which were reportedly connected to CIC Digital LLC, Trump’s meme coin business, according to Bloomberg.

TRUMP PUSH TO MAKE US ‘CRYPTO CAPITAL OF THE WORLD’ GAINS STEAM AS CRYPTO BILL NEARS SENATE MARKUP

U.S. President Donald Trump gestures as he boards Air Force One to depart Reading Regional Airport on June 23, 2026, in Reading, Pennsylvania. (Andrew Harnik/Getty Images / Getty Images)

The filing showed Trump’s real estate, golf and club holdings continued to generate substantial revenue. Mar-a-Lago in Palm Beach, Florida, brought in more than $77 million, according to the disclosure.

Trump also earned millions from branded merchandise, including sneakers, Bibles and watches. The watch deal alone brought in $4.7 million, according to the filing.

The disclosure also listed more than $86 million in legal settlements involving ABC, CBS, Meta, YouTube and X.

A visual representation of the digital cryptocurrency Bitcoin. President Donald Trump reported more than $1 billion in income tied to cryptocurrency ventures in his latest annual financial disclosure. (Chesnot/Getty Images / Getty Images)

TRUMP ADMIN PROPOSES OPENING 401(K)S TO PRIVATE EQUITY, CRYPTO

Trump’s net worth has climbed to $6 billion, up from $2.3 billion in 2024, according to Forbes.

White House spokesperson Anna Kelly dismissed conflict-of-interest concerns in a statement to FOX Business and said that the administration’s crypto policies are aimed at promoting U.S. innovation and economic growth.

“Neither the President nor his family has ever engaged — or will ever engage — in conflicts of interest,” Kelly said. “President Trump proudly made the United States the crypto capital of the world through executive actions, supporting legislation like the GENIUS Act, and other commonsense policies to drive innovation and economic opportunity for all Americans.”

ANDREW CUOMO WARNS CONGRESS IS RUNNING OUT OF TIME ON BLOCKCHAIN REGULATION, SAYS FAMILIES COULD SAVE ON FEES

U.S. President Donald Trump’s Mar-a-Lago in Palm Beach, Florida, brought in more than $77 million. (Joe Raedle/Getty Images / Getty Images)

She also argued that criticism of the president’s business interests amounts to a “false narrative.”

GET FOX BUSINESS ON THE GO BY CLICKING HERE

“All actions by President Trump and his administration are taken in the best interest of the American people – and any so-called ‘reporters’ pushing otherwise are recycling the same, tired, false narrative that Democrats and the legacy media have been pushing for a decade,” Kelly added.