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Claudia Sahm, ex-Fed economist, discusses the reliability of data used by policymakers and economists, raising concerns about GDP predictions and job market indicators. The podcast also explores declining survey response rates, the impact on data quality, and the need to rebuild trust between the government and the public.
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- The Federal Reserve may be making policy decisions based on flawed data, particularly the job openings and labor turnover survey (JOLTS), which may not accurately reflect the state of the economy.
- Declining response rates to government surveys, driven by a lack of trust in the government and concerns about privacy, can lead to flawed data and potentially misguided policy decisions.
Deep dives
Questioning the Reliability of Economic Data
Economist Claudia Somme raises concerns about the reliability of data used by the Federal Reserve in making policy decisions. She argues that the data, particularly the job openings and labor turnover survey (JOLTS), may not accurately reflect the state of the economy due to changing job listing practices and declining response rates to surveys. This has led to flawed assumptions and potentially misguided policy decisions.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode