Odd Lots Some of America's Most Important Economic Data Is Decaying
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Apr 30, 2025 
Bill Beach, former commissioner of the US Bureau of Labor Statistics, shares his insights on the growing challenges in gathering economic data. He highlights the declining response rates to surveys, particularly along political lines, complicating the accuracy of economic indicators. Beach discusses the urgent need to modernize data collection methods and the implications of reduced funding on the quality of statistics. Join him for a fascinating exploration of how the state of data impacts our understanding of the economy.
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Economic Data Complexity Revealed
- Economic data collection is complex and often overlooked, involving detailed surveys and composite adjustments.
- Factors like regional weightings and qualitative changes, such as product feature enhancements, influence key indicators like CPI.
How Jobs Data Gets Made
- The monthly jobs report emerges from two large surveys covering 400,000 firms and 60,000 households.
- Data collection, weighting, and confidentiality protocols culminate in a scheduled release with briefings to top officials.
Survey Challenges by Firm Size
- Survey response burdens vary by company size, with smaller firms finding participation increasingly challenging.
- Electronic submission improved response rates but does not eliminate the time and effort required to report data.