Core Viewpoint - The Royal Economic Society (RES) warns that the ongoing crisis in the UK's official statistical indicators is undermining critical academic research and public trust, calling for urgent remedial action to address this significant issue [1][2]. Group 1: Impact on Economic Analysis - The gap in labor market data is hindering economists' ability to accurately analyze the impacts of wages, employment, inequality, and government policies in the UK [1]. - The RES's comments add to existing criticisms of the Office for National Statistics (ONS), which has faced issues affecting numerous official economic indicators [1][2]. Group 2: Government and Central Bank Concerns - UK government ministers and Bank of England officials have expressed frustration that issues tracking economic data, particularly in the labor market, complicate monetary policy formulation [2]. - The ONS has initiated a strategic plan to improve data quality and is working closely with key clients to refocus resources on core economic outputs [2]. Group 3: Statistical Crisis Details - The "UK official statistics crisis" is characterized by a decline in quality, delays in releases, and methodological changes in key economic indicators, including a significant drop in labor survey response rates [3]. - The crisis has led to a "credibility low" for UK official statistics, affecting academic research and fiscal and monetary policy-making, prompting the RES to call for urgent remedial action [3].

Core Viewpoint - The article discusses the implications of President Trump's dismissal of the head of the Bureau of Labor Statistics, highlighting concerns about the integrity of economic data in the U.S. and drawing parallels to historical instances of data manipulation in other countries [1][2][3]. Group 1: Impact of Political Interference - Trump's decision to fire the Labor Statistics Bureau chief, Erica McEntyre, is seen as a troubling step towards political interference in economic data, which could undermine the credibility of U.S. statistics [2][3][6]. - Historical examples from Greece and Argentina illustrate the negative consequences of government manipulation of economic data, leading to loss of trust and severe economic crises [2][6][8]. Group 2: Importance of Independent Data - The Bureau of Labor Statistics has traditionally operated independently, providing crucial economic indicators that inform decisions in both public and private sectors, including the Federal Reserve's interest rate policies [3][4][5]. - Experts emphasize that reliable and independent statistical data is essential for effective policy-making and maintaining public trust in economic governance [3][4][10]. Group 3: Concerns Over Future Data Integrity - Following McEntyre's dismissal, there are concerns that the integrity of economic data may be compromised, even if immediate changes are not evident [5][10]. - The potential for a new appointee to influence data collection methods raises alarms about the long-term credibility of U.S. economic statistics [8][10].