President Donald Trump’s nominee for the head of the Bureau of Labor Statistics, E.J. Antoni, has raised concerns about the accuracy of the agency’s closely watched monthly jobs report. Antoni has suggested suspending the report due to what he calls fundamental flaws in its underlying methodology, economic modeling, and statistical assumptions.
In an interview with Fox News Digital, Antoni warned that the data behind the monthly jobs report is unreliable and frequently overstated, misleading key decision-makers from Washington to Wall Street. He argued that businesses and the Federal Reserve need reliable information to make informed decisions, but currently, they are hindered by inaccuracies in the data.
Antoni believes that the problems with the BLS’s methodology have been evident for three years and still need to be fixed. He suggested publishing more accurate quarterly data instead of suspending the monthly report altogether. The economist also pointed out that statistical assumptions developed before the COVID-19 pandemic no longer work in today’s economy, highlighting the need for revisions.
The nomination of Antoni has significant implications, as major decision-makers rely on these numbers. A lack of confidence in the data has far-reaching consequences, making it essential to address these concerns.
Source: https://www.foxbusiness.com/politics/trumps-bls-pick-could-pause-monthly-jobs-report-over-accuracy-concerns