BESSENT refuses to suspend monthly job reports amid data concerns

Treasury Secretary Scott Payette said on Wednesday that he does not believe that the BLS statistics office needs a temporary stopping Monthly job report Versions due to large data reviews in subsequent reports.

Bessent was interviewed on “Monitor Bloomberg” It was asked about the comments made by the chief economist at the EJ Antoni Heritage Foundation, which was nominated as BLS, that the agency should suspend the monthly report issuing and launch the quarterly data only.

“Not at all,” Bessnt answered when asked if this was something to support.

He added: “What someone says when he is a private citizen is completely different. As you know, I have called for a shadow feeding chair, and now that I am in this seat, I don’t think we need to do so.”

Trump can choose to lead the work statistics agency the monthly report of jobs on accuracy concerns

In an interview with Fox News Digital on August 4, Anthony said that even BLS improves the process of collecting job report data. Quarterly data“He continued to add that decision makers” from Wall Street to the capital depend on these numbers, and the lack of confidence in data has long -term consequences. “

“I was there when EJ was interviewed, and he was incredibly qualified,” said Pesin. “I think the most important thing here is that we return to the safety of the numbers, because it is fine – just like a lot of things in our government – to become dirty.”

“EJ is accurate, he has a PhD in economics. I think President Trump has put a lot of thinking about this, it was very accurate in his interrogation. So what we want is good data, because you cannot make good decisions without good data.” “It is very likely that the Federal Reserve will do something else in June, in July, if they have these data.”

Former BLS Commissioner says there are better ways to collect data for job reports

BESSENT was asked how to improve the data collection process to report jobs and said: “This idea is that we accept mediocrity in the government – why do we not bring things to the twenty -first century, why don’t we enter it in the digital age?”

He said: “I do not know about political bias in one way or another, but what I can say is that the size of the sample response continued to get the smallest and smaller, then they filled the cells. And at any time you get the ruling in exchange for data, things become quality and not quantity.”

“I think EJ will do a great job in restoring quantitative standards,” said Pesin.

Anthony will have to move in the Senate confirmation process to become Bls Commissioner.

Why does the Ministry of Labor review job reports? Here are 3 reasons

BLS was pushed into the spotlight after the weakest is expected Job report in JulyWhich showed only 73,000 jobs – much lower than 110,000 LSEG economists – while employment was revised in May and June to 258,000 jobs.

President Donald Trump Erika McensarferOn the pretext that job data were subject to political manipulation.

The BLS data collection process is designed with reviews in place to improve data accuracy over time with more sample report. For example, the monthly job report includes reviews during the previous two months to give a more accurate reading of data while sending more employers in their information.

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This gives the audience the opportunity to get a preliminary feeling in time Economic conditions With the first version, a more complete picture appears with the first and second auditors.

The response rates of the initial survey decreased over the past decade, and with smaller initial samples that could lead to larger reviews – especially in times of economic fluctuations.