Good Morning.
Three days after President Trump announced the firing of the head of the US Bureau of Labor Statistics (BLS), three major (non-mutually exclusive) narratives have emerged. The first two garner widespread support, while the third is primarily debated within a small circle of economists and analysts.
Undermining Institutional Integrity: This perspective argues that the decision to remove the BLS head was politically motivated and poses a significant risk to the integrity of the BLS and other institutions. It could also threaten confidence in future data releases.
Addressing Data Compilation Challenges: This second narrative focuses on long-standing technical challenges within BLS data collection and estimation processes. It argues that these issues have become increasingly problematic and require greater attention. This could involve expanding, in a more open-minded manner, the set of raw inputs used by the BLS to improve data accuracy and relevance.
Economic Insights from the Data Revisions: The third narrative highlights information content within BLS data revisions. This is not just due to their latest magnitude but also in light of previous revisions. This perspective suggests that these revisions, often overlooked, may offer valuable insights for economists and analysts.
#economy #bls #jobs #employment #markets
