BEA and the Department of Commerce have longstanding procedures that are designed to ensure that data dissemination to all interested members of the public occurs simultaneously, with limited exceptions. Furthermore, these procedures preserve the distinction between the policy-neutral release of data by statistical agencies and their interpretation by policy officials. The objectivity and integrity of BEA estimates is also fostered by the publication of methodologies and assumptions that allow many economists and policy officials to independently check the credibility and objectivity of the estimates. The BEA procedures adhere to the Office of Management and Budget (OMB) standards for data dissemination of statistical products as described in the final rule entitled “Fundamental Responsibilities of Recognized Statistical Agencies and Units,” Statistical Policy Directive No. 3 on the “Compilation, Release and Evaluation of Principal Federal Economic Indicators,” and Statistical Policy Directive No. 4 on the “Release and Dissemination of Statistical Products Produced by Federal Statistical Agencies.” BEA’s procedures apply to all the statistics it produces.
At BEA, strict procedures are followed to ensure that data are not disseminated before the official release time, except as authorized under OMB’s Statistical Policy Directive Nos. 3 and 4. To protect its data from unauthorized or inadvertent early release, BEA:
- Releases the data according to an announced schedule that minimizes the risk of pre-release access and instills confidence in the integrity of the data. The schedule for the year is promulgated several months before the start of the year and is immutable, except for special, unforeseen circumstances.
- Limits access to data prior to release only to those with a clear need to know. Except as noted below, there is no pre-release review outside of BEA by policy officials (all BEA staff are career employees) of the estimates, press release, or other materials related to the estimates.
- Provides physical and computer security necessary to limit access to those with a need to know. (See the "Integrity " section of the Information Quality Guidelines.)
- Ensures that no BEA employee inadvertently provides pre-release data to anyone unauthorized to receive such data.
As provided for in OMB’s Statistical Policy Directive No. 3, pre-release information from BEA’s five Principal Federal Economic Indicators (GDP, Personal Income and Outlays, Corporate Profits, U.S. International Trade in Goods and Services, and the International Transactions Accounts) is provided to the President through the Chair of the Council of Economic Advisers. This information is provided only after the data have been approved and finalized within BEA and final versions of materials for public release have been prepared. As provided for in OMB’s Statistical Policy Directive No. 4, pre-release information on other statistics produced by BEA may be provided under an embargo in limited circumstances "to foster improved public understanding of the data when they are first released and the accuracy of any initial commentary about the information contained in the product."
No earlier than 30 minutes ahead of the official release time, the BEA Director may grant pre-release access to BEA’s five Principal Federal Economic Indicators to the Under Secretary for Economic Affairs and other Commerce Department policy officials in a secure environment. Any person who receives such pre-release access must ensure there is no release prior to the public release. No external communication of information from the secure environment is allowed until after the public release.