00:00:00
It's insane that the largest and most
00:00:03
sophisticated economy in the world is
00:00:05
this unpredictable.
00:00:08
BLS updated its non-farm payroll stats,
00:00:11
downgrading actual job growth. This
00:00:12
means the US economy created around
00:00:15
818,000
00:00:16
fewer jobs over the 12 months leading up
00:00:18
to March 2024. If you don't have an
00:00:22
accurate sense of where employment
00:00:24
really is, you will also then have an
00:00:26
inaccurate sense of where GDP is. And I
00:00:29
think the one-two punch could be very
00:00:31
problematic. I think what we're learning
00:00:33
more than anything else is we have a
00:00:35
very sophisticated economy. We have a
00:00:36
very sophisticated capital market
00:00:38
system. We have very sophisticated
00:00:40
actors in those markets who can react to
00:00:43
real-time data and make the right
00:00:45
decisions. The problem is we have bad
00:00:46
data. And the bad data, I think, is
00:00:49
something that is fixable, but we need
00:00:51
to make an effort to do it. How is it
00:00:53
possible in 2024 that we haven't just
00:00:54
made this a priority to fix this? And
00:00:56
with all of the systems that exist and
00:00:59
all of the SAS tools that exist and
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everything that's used to like hire and
00:01:02
fire and pay people, we don't have an
00:01:04
accurate sense of this
