White House economists: Economic statistical agencies need a "new perspective"

According to reports from CoinWorld, an important economic statistic agency needs a "new perspective," said senior White House economist Stephen Miran, but he did not repeat President Trump’s claim that Friday's employment data was politically manipulated. Trump ordered the dismissal of the Labor Statistics Bureau director on Friday after he claimed, without evidence, that the disappointing employment data was "manipulated." The bureau later confirmed that director Erika McEntarfer was fired, and her deputy William Wiatrowski will serve as acting director. The July employment report released earlier on Friday showed that only 73,000 jobs were added last month. The Bureau of Labor Statistics also announced significant data revisions, showing that the number of jobs was a total of 258,000 fewer than previously thought. This is the second-largest downward revision over two months on record, second only to revisions during the pandemic. Miran stated, "Now is absolutely the time to take a new perspective on this issue and work to find solutions to improve data reliability and drop the magnitude of revisions. The agency should try to incentivize faster feedback or delay data releases by a week or two if doing so can reduce the subsequent magnitude of revisions."