pjmedia.com President Trump’s nomination of economist E.J. Antoni to lead the Bureau of Labor Statistics has triggered those infected with Trump Derangement Syndrome. That’s too bad, because Antoni has some exceptional ideas to modernize economic data collection and reporting.
Regardless of this latest TDS outbreak, it is time for the Bureau to modernize data collection and use available technology to get markets the most accurate and comprehensive information possible.
I’m no economist. I changed majors from economics to English before my junior year. But I can still hear my late father every month complaining about two things – the inflation report and the jobs report. My dad lived in the markets. CNBC burned like a log fire in our house. And those damn inflation and job reports were always flawed to my dad.
Inflation reports underreported some things and overreported others. The jobs report also has flaws. The current methodology at the Bureau is already flawed. Antoni knows exactly why and could make them better.
The reports, for example, downplay inflation by underemphasizing things we all consume.
The jobs report is also often a snow job. Goldman Sachs estimates that upcoming revisions to the Bureau’s 2024 jobs data may show a drop of up to one million jobs.
Antoni notes that the Bureau fails to differentiate between full-time and part-time jobs.
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