Do We Still Really Need the Bureau of Labor Statistics?
It is time for the monthly story of the labor market to be told more clearly, and more reliably, through data from other sources.
The editor of RealClearMarkets, John Tamny, has a point. An important question to debate today should be: is the Bureau of Labor Statistics still relevant today?
While the August firing of BLS Commissioner Erika McEntarfer, and the subsequent appointment of E.J. Antoni by President Trump have created quite a political stir, the discussion should focus on the use and importance of the BLS’ major product: the monthly jobs report which is eagerly awaited by the business community, the White House and the media.
As a key indicator, the BLS’ Current Employment Statistics (CES) survey has been known to move the stock market. However, since the CES is a survey, it is subject to sampling error. Often the initial headline number is released despite 30 to 40% of the businesses in the sample not having responded in a timely manner. This forces the BLS to “run” with what it has for the monthly release. Hence the variability of the original number.
Economic Dynamism
The Causal Effect of News on Inflation Expectations
This paper studies the response of household inflation expectations to television news coverage of inflation.
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The Rise of Inflation Targeting
This paper discusses the interactions between politics and economic ideas leading to the adoption of inflation targeting in the United States.
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America Needs a Transcontinental Railroad
A proposed merger of Union Pacific and Norfolk Southern would foster efficiencies, but opponents say the deal would kill competition.
America’s great migration
The young and ambitious are fleeing the stagnant coastal states for the booming heartland.
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Why Can't the Middle Class Invest Like Mitt Romney?
Why can’t middle-income Americans pay effectively no taxes on investments like the wealthy do?
The Revenge of the Supply-Siders
Trump would do well to heed his supply-side advisers again and avoid the populist Keynesian shortcuts of stimulus checks or easy money.
