From July 11 to 24, Reuters polled economists—including “Nobel Laureates, former policymakers, academics from top U.S. universities, and economists from major banks, consultancies and think tanks”—and found that 89 of 100 of them “were concerned about the quality of official U.S. economic data,” with 41 saying they are “very concerned.”
Erica Groshen, former Bureau of Labor Statistics commissioner, told Reuters, “I can’t help but worry some deadlines [for future data releases] are going to be missed and undetected biases or other errors are going to start creeping into some of these reports just because of the reduction in staff.”
MSNBC’s Steve Benen observed in an article earlier this month that the prospect of “corruption and political mischief” interfering with federal statistics under Trump is also worth keeping in mind. “Perhaps Donald Trump, the argument goes, might use his influence to tell the Labor Department to manipulate the data and deceive the public,” Benen wrote—though he noted “there’s been no evidence of statistics being altered to fit a political narrative” to date.
During a press conference last month, Fed Chair (and MAGA persona non grata) Jerome Powell explained why we mustn’t take for granted “having good data” on the economy: This information, he pointed out, “doesn’t just help the Fed. It helps the government, it helps Congress, it helps the executive branch. More importantly, really, it helps businesses. They need to know what’s going on in the economy.”
“I hate to see us cutting back on that,” he continued, “because it is a real benefit to the general public that people in all kinds of jobs have the best possible understanding of what’s happening in the economy.”
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