1A Why Accurate Labor Statistics Matter For The US Economy
Aug 7, 2025
Alison Morrow, a Senior writer for CNN Business, and Betsy Stevenson, a Professor of public policy and economics at the University of Michigan and former chief economist of the Labor Department, delve into the ramifications of recent firings in the Labor Statistics office. They discuss how these changes impact the credibility of labor data, highlight the troubling rise in Black unemployment rates, and analyze the current state of the U.S. economy, emphasizing the crucial need for independent and accurate economic indicators to inform policy and public trust.
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Normalcy of Jobs Data Revisions
- Large revisions in jobs data are common and happen as more survey data comes in.\n- These revisions reflect improved accuracy, not manipulation or false reporting.
BLS Independence Is Key
- The Bureau of Labor Statistics is a civil servant agency designed to be independent.\n- Firing the BLS commissioner for unfavorable data undermines trust in impartiality and data reliability.
How Jobs Data Is Collected
- The BLS jobs report is based on two key surveys of households and employers.\n- Employer responses can lag, causing initial data to be revised later for accuracy.