The Winston Group’s David Winston writes in today’s Roll Call about Friday’s release of the July employment numbers and the events that followed.
The size of the BLS job revisions over the past couple of years have been substantial and have raised some eyebrows. While BLS constantly reviews its own methodology to improve the quality of the data, the bureau has had challenges stemming from a slow decrease in the response rate from the businesses it surveys. Obviously, the issue of business participation will need more study. The overall objective is to ensure the continued credibility of the bureau and its data, which is so crucial to sound economic planning.
Unfortunately, what got lost in all the controversy over the firing was the positive wage data in the report. The good news for the president is that weekly wages improved.
Read the full piece here.
