Moody's Talks - Inside Economics In Defense of the BLS
Aug 7, 2025
Erica Groshen, former Bureau of Labor Statistics Commissioner and current Senior Economic Advisor at Cornell University, dives deep into the significance of the BLS amid recent turmoil, including the firing of the current commissioner. She discusses the crucial balance between data timeliness and accuracy, especially in light of controversial job data revisions. The dialogue highlights the agency's challenges, the importance of public support for statistical integrity, and concerns about political influences that could undermine trust in economic data.
AI Snips
Chapters
Transcript
Episode notes
Inside BLS Culture
- The BLS culture includes highly dedicated data nerds who focus on accuracy and truth with a strong mission orientation.
- Staff embrace transparency and continuous improvement, answering questions objectively without defensiveness.
Modernize BLS with More Funding
- To improve BLS data quality, increase investment to modernize data collection and methods.
- Communicate effectively to policymakers the large return on investment that accurate federal statistics provide.
Revisions are a Feature
- Large revisions in BLS employment data are normal, especially at economic turning points.
- Early releases use partial data leading to inevitable revisions as more responses come in.