“It's insane that the largest and most sophisticated economy in the world is this unpredictable.”
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Episode Description
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Brief Summary
The episode critiques inaccurate employment data affecting US economic understanding.
Key points
- US Job Growth Downgraded. The BLS downgraded job growth, revealing 818,000 fewer jobs created over the past year.
Transcript
It's insane that the largest and most sophisticated economy in the world is this unpredictable. BLS updated its non-farm payroll stats, downgrading actual job growth. This means the US economy created around 818,000 fewer jobs over the 12 months leading up to March 2024. If you don't have an accurate sense of where employment really is, you will also then have an inaccurate sense of where GDP is. And I think the one-two punch could be very problematic. I think what we're learning more than anything else is we have a very sophisticated economy. We have a very sophisticated capital market system. We have very sophisticated
actors in those markets who can react to real-time data and make the right decisions. The problem is we have bad data. And the bad data, I think, is something that is fixable, but we need to make an effort to do it. How is it possible in 2024 that we haven't just made this a priority to fix this? And with all of the systems that exist and all of the SAS tools that exist and everything that's used to like hire and fire and pay people, we don't have an accurate sense of this
