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Prof G MarketsHow Policy is Failing the Amer...

Even the ADP report had lots of notes about how the BLS data benchmark revision affected their model because their model is in part trained on and meant to mimic what they think is happening in the BLS.

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Prior BLS commissioners have a plan for what I joke is the one big beautiful BLS where it's like Statistics 3.0. They know what to do. They need the money and the authority.

We've been thinking about alternative sources of data because of the shutdown and just this general defunding and antagonism towards businesses like the BLS.

We need to double down on BLS. We need more funding in the government. We need better data collection services from the federal government. Yes, 100%.

Podcast artwork
Prof G MarketsHow Policy is Failing the Amer...

The question I've gotten most over the past two months is, is there a good private sector replacement for the Bureau of Labor Statistics data? And the answer is unequivocally not.

The ADP jobs report found that the private sector shed 32,000 jobs in September, which was a pretty notable decline. But it also said that annual pay was up 4.5%.