Fed Chair Powell: Data from BLS is 'good enough to do our work'

Labor Market Data Revisions & Reliability - Preliminary benchmark revisions showed a decrease of 911,000 jobs [1] - June saw the first negative revisions since December 2020 [1] - The QCW provision aligned closely with expectations due to a predictable overcount in recent quarters [2] - Data becomes more reliable by the second or third month as more responses are collected [6] - If benchmarks reveal that 51% of jobs initially reported were inaccurate, it indicates a weaker job market at the beginning of the year [7] Data Collection Challenges & Solutions - Low response rates are a significant issue affecting data accuracy across various surveys [4] - The Bureau of Labor Statistics is actively working to address data inaccuracies, particularly related to the birth-death model for new companies [3] - Addressing low response rates requires sufficient resources for data collection agencies [5] - The birth-death model, which estimates job creation from new companies, is difficult to predict, especially during economic changes [3][4] Monetary Policy & Data - The Fed bases decisions on interest rates using data that may be noisy [1] - Policy decisions are based on current conditions rather than past data [8]