Odd Lots Bill Beach on How Trump Just Politicized US Economic Data
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Aug 4, 2025 
Bill Beach, former commissioner of labor statistics, discusses the recent dramatic firing of the BLS head by Donald Trump after a disappointing jobs report. He delves into the integrity of labor data and how political actions can erode public trust. The conversation uncovers the challenges faced by the BLS in maintaining data accuracy amid budget cuts and leadership changes. Beach emphasizes the need for modernization in data collection and reflects on the long-term impact of politicizing economic indicators.
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Shock at BLS Commissioner's Firing
- Bill Beach was shocked and dumbfounded when he heard about the firing of the BLS commissioner Erica McEntarfer.
- He saw it as a potential sustained attack on economic statistics that would damage trust and credibility.
Why Jobs Data Gets Revised
- The jobs report revisions stem from late business survey responses, especially small businesses and governments.
- Large revisions often signal economic turning points, reflecting more complete data, not error.
Challenges to Modernizing BLS Data
- The BLS has authority to modernize data collection but lacks sufficient budget to implement changes.
- Proper modernization requires conducting costly parallel experiments to ensure data accuracy and consistency.