U.S. Senators Bill Cassidy and Susan Collins have expressed concerns regarding the Bureau of Labor Statistics’ (BLS) ability to produce accurate national jobs data. The senators highlighted that these inaccuracies have significant implications for the American economy.
“BLS’s inability to produce initially reliable data—especially when that data has broad market-moving implications and often is used as indicia of the strength or weakness of the American economy—is unacceptable,” stated the senators. They questioned why BLS continues its current practices despite frequent errors in initial data releases.
The senators pointed out that under the Biden-Harris administration, BLS revised its monthly jobs data 43 times, with over half reflecting less job growth than initially reported. On average, revisions amounted to 101,114 jobs per month. A notable instance occurred in August when BLS adjusted its annual jobs numbers downward by 818,000, marking the largest revision since 2009.
Comparatively, during the Trump administration, BLS revised job numbers by an average of 73,681 per month, with most revisions indicating higher job figures than initially reported.
Senator Cassidy also raised concerns about reports of a BLS official leaking confidential economic data to Wall Street traders. He urged reforms to prevent future leaks of sensitive information.
In their letter addressed to Ms. McEntarfer at BLS, the senators requested answers regarding BLS’s processes for collecting and releasing economic information. They emphasized the need for changes to ensure reliable data for those making economic decisions based on BLS reports.
The letter included several questions about why BLS releases initial job numbers so soon after month’s end despite frequent revisions and whether it would be feasible to delay releases until more reliable data is available.
