Are you reading the economic tea leaves or just looking at murky water? Beneath the cheery market action, trust in U.S. economic data is being tested. Ongoing budget and staffing cuts at the Bureau of Labor Statistics (BLS) have led to growing use of "imputations" to fill data gaps—now making up 35% of June’s CPI data, up from just 8% a year ago. Some cities lost price surveys entirely this summer.
It’s not just technocratic worry: President Trump fired the head of the BLS after massive downward jobs revisions and nominated E.J. Antoni, a critic of current methods, who briefly floated suspending the monthly jobs report. Critics on both sides warn that “politicizing stats” undermines faith in the numbers that move markets, wages, and government checks.
- BLS has cut back data collection in 15% of survey areas
- Response rates for key jobs surveys: down to 43% (from 60% in 2020)
The result? Data may get noisier or more volatile—just as we need clarity most.
