White House says monthly US jobs report to continue despite accuracy concerns
WASHINGTON: The White House on Tuesday (Aug 12) said it is “the plan” for the Bureau of Labor Statistics (BLS) to continue publishing its closely watched monthly employment report, despite President Donald Trump’s nominee to head the agency suggesting it be suspended over data accuracy concerns.
The comment came days after Trump replaced the BLS commissioner, firing Erika McEntarfer on Aug 2, hours after the agency reported weaker-than-expected job growth for July and issued historically large revisions for May and June.
NOMINEE SUGGUSTED SUSPENSION
White House press secretary Karoline Leavitt told reporters: “I believe that is the plan, and that’s the hope,” when asked if the monthly “Employment Situation” report would continue.
Trump’s pick for commissioner, E.J. Antoni, told Fox News Digital on Aug 4, before his nomination was announced, that the BLS should suspend issuing the monthly report until data issues were corrected, while continuing to publish more accurate but less timely quarterly figures.
“Major decision-makers from Wall Street to D.C. rely on these numbers, and a lack of confidence in the data has far-reaching consequences,” Antoni said.
Antoni, currently chief economist at the conservative Heritage Foundation, must be confirmed by the US Senate. He has previously criticised BLS data quality under former president Joe Biden’s administration.
KEY INPUT FOR FED POLICY
The monthly nonfarm payrolls report offers a snapshot of the US job market, including job creation, unemployment rates, wage growth and average hours worked. It is closely monitored by the Federal Reserve, which has a dual mandate to maintain low unemployment and low inflation when setting interest rates.
Its headline figures are revised twice after initial release to account for additional employer survey responses and seasonal adjustments, and are subject to an annual benchmark revision.
Since the COVID-19 pandemic, response rates to BLS surveys have fallen sharply, contributing to larger revisions in recent years.
