Claudia Goldin on why birth rates are falling, how gender roles play a part—and fears about the reliability of US economic data https://t.co/CMof4akKk2 ...

Private companies that publish economic data are in the business of making a profit, says @claudia_sahm, but government statistical agencies work in the public interest (via @opinion) https://t.co/f05sgwvQRi ...

Trump’s trade wars have a new enemy — economic data https://t.co/KrIy7R64WH ...

But first, let's go to the numbers, ma. Or the numbers that weren't. Yes, the numbers that weren't, I guess.White House economic advisors now are defending President Trump's firing of the head of the Bureau of Labor Statistics. Trump's move came on Friday, hours after a stunning government report showed hiring had slowed down significantly over the past three months. With the US adding just 73,000 new jobs in July, deep revisions to the previous two months now indicate that the job market is considerably wo ...

Joining me now is Jared Bernstein, former chairman of the Council of Economic Adviserss and former chief economist and economic policy adviser to Vice President Joe Biden. Uh Jared, President Trump lashed out against the weak jobs market or jobs numbers, I should say, that were reported for July. He railed against the downward revisions from May and June.They were pretty significant. According to Axios, a top economic adviser to the president called the data quote very unreliable. Let's set aside for a mome ...

RT Chamath Palihapitiya (@chamath)Non Farm Payrolls are total garbage so I asked Grok:“Hey Grok, go look at the Bureau of Labor Statistics website for their non farm payrolls data. Tell me how many times their original forecasts have been revised since Jan 2020. And, of those revisions, how many times the data was revised up versus down. Categorize this during the Biden versus Trump presidencies.”Bottom line is that BLS isn’t so much conspiratorial as it is inadequate in its approach. They are all over the ...

Economic Data Accuracy - The US economy's unpredictability is concerning given its size and sophistication [1] - BLS (Bureau of Labor Statistics) data revisions show a downgrade in actual job growth [1] - The US economy created approximately 818,000 fewer jobs in the 12 months leading up to March 2024 [1] - Inaccurate employment data leads to inaccurate GDP assessments [2] - Bad data is a fixable problem that requires prioritization and effort [3] Market Implications - Sophisticated capital markets can react to real-time data and make informed decisions [3] - The combination of inaccurate employment and GDP data could be problematic for the economy [2] Data Collection & Reporting - There is a need to prioritize fixing the data collection and reporting systems [3] - Existing systems and SAS tools should be leveraged to improve the accuracy of employment data [3]

It is nearly impossible to get more than 80 votes on something in the Senate these days. I mean, maybe if you're renaming a post office, but it I mean rarely happens. It occasionally happens though. Nominations confirmed. The eyes are 86. The no the nays are eight. The nomination is confirmed. Okay, that was the vote just last year on the nomination of Erica McInterer to be the commissioner of labor statistics and she was nominated by then President Biden. But she was seen as such a non-controversial choice ...

For more on all of this as well as the markets, let's turn to David Zervos. He's CBC contributor and chief market strategist at Jeffre. David, always great to see you.Um, fantastic to get your perspective because you were at the Fed, correct. You're at a Fed economist at one point in your life, >> many, many years ago. >> Um, is there any reason in your view as a market strategist now to question the methodology of how jobs are calculated that there might be a political >> aspect to it.I mean, I think we al ...

The Bureau of Labor Statistics is horrendous at their collection of data, along with their calculation of economic data, but the President shouldn’t fire the organization’s leader right after a data print the administration doesn’t like.Fire the leader for the fact 1/3 of all inflation metric inputs are made up right now. Fire the leader for incompetence at measuring job growth during the last two administrations.Just do it when people aren’t going to claim it is a political decision. Distracts the conversa ...