> BLS surveys firms in the payrolls survey over the course of three months, gaining a more complete picture as more businesses respond. But a smaller share of firms are responding to the first poll. Initial collection rates have repeatedly slid below 60% in recent months — down from the roughly 70% or more that was the norm before the pandemic.
> “The more data you’re missing and comes in later, the higher the odds the revisions will be much larger,” said Omair Sharif, president of Inflation Insights LLC. “Fifty percent is just not enough.”
[…]
> “We are seeing these cuts to funding for government agencies affect their ability to collect and analyze economic data,” said Gregory Daco, chief economist at EY-Parthenon. “And for all of the reports that the Bureau of Labor Statistics is conducting, there is likely to be more volatility going forward.”
> The jobs report is made up of two surveys: one of businesses, which produces the payrolls figures, and another of households, which is responsible for the unemployment rate. The household survey has also seen a decline in response rates. BLS said its analysts have “found no discernible relationship between collection rates and subsequent revisions” to the payrolls data.
throw0101c · 1h ago
Commissioner of Labor Statistics is an appointed position that needs to be confirmed by the Senate. McEntarfer was confirmed by a vote of 86-8 in 2023:
> BLS surveys firms in the payrolls survey over the course of three months, gaining a more complete picture as more businesses respond. But a smaller share of firms are responding to the first poll. Initial collection rates have repeatedly slid below 60% in recent months — down from the roughly 70% or more that was the norm before the pandemic.
> “The more data you’re missing and comes in later, the higher the odds the revisions will be much larger,” said Omair Sharif, president of Inflation Insights LLC. “Fifty percent is just not enough.”
[…]
> “We are seeing these cuts to funding for government agencies affect their ability to collect and analyze economic data,” said Gregory Daco, chief economist at EY-Parthenon. “And for all of the reports that the Bureau of Labor Statistics is conducting, there is likely to be more volatility going forward.”
* https://archive.is/https://www.bloomberg.com/news/articles/2...
> The jobs report is made up of two surveys: one of businesses, which produces the payrolls figures, and another of households, which is responsible for the unemployment rate. The household survey has also seen a decline in response rates. BLS said its analysts have “found no discernible relationship between collection rates and subsequent revisions” to the payrolls data.
* https://www.senate.gov/legislative/LIS/roll_call_votes/vote1...
* https://en.wikipedia.org/wiki/Bureau_of_Labor_Statistics
* https://en.wikipedia.org/wiki/Erika_McEntarfer
https://archive.today/https://www.bloomberg.com/news/article...