<\/p>\n
Bridgewater Associates founder Ray Dalio says the US government needs to rethink how it comes up with its economic data.<\/p>\n
Over the weekend, President Donald Trump fired the head of the Bureau of Labor Statistics, Erika McEntarfer, because of a large downward revision of job numbers.<\/p>\n
On Friday, the BLS revised down the job growth figures for June from 147,000 to 14,000, a 90% drop.<\/p>\n
Figures for May were also revised down from 144,000 to 19,000, bringing the combined two-month downward revision to 258,000 jobs.<\/p>\n
Some analysts at US banks began citing<\/a> the data as possible evidence suggesting the economy was slowing down and flashing potential recession signals.<\/p>\n Despite the controversy over firing the BLS Commissioner, in a post<\/a> on the social media platform X, Ray Dalio says he would have fired her, too.<\/p>\n \u201cI probably would have fired the head of the Bureau of Labor Statistics too.<\/em><\/p>\n That\u2019s because its process for making estimates is obviously obsolete and error-prone, and there is no good plan in the works for fixing it. The huge revisions in Friday\u2019s employment numbers are symptomatic of this, especially because the revisions brought the numbers toward private estimates that were in fact much better. <\/em><\/p>\n I assure you that this is something that I know a lot about because of how I use data to follow the economy and bet on where it\u2019s going.\u201d<\/em><\/p>\n Dalio says if Trump indeed fired the BLS chief purely for political reasons, that may be a \u201cbig problem.\u201d<\/p>\n Therefore, the investor says, \u201cIt would be good if President Trump made his thinking clear.\u201d<\/p>\n \u201cIn any case, we do need big renovations to the ways the government estimates what\u2019s going on in the economy to make them more, not less, accurate.\u201d<\/em><\/p>\n Follow us on X<\/a>, Facebook<\/a> and Telegram<\/a><\/span><\/em>   Generated Image: Midjourney<\/em><\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" Bridgewater Associates founder Ray Dalio says the US government needs to rethink how it comes up with its economic data. Over the weekend, President Donald Trump fired the head of the Bureau of Labor Statistics, Erika McEntarfer, because of a large downward revision of job numbers. On Friday, the BLS revised down the job growth […]<\/p>\n","protected":false},"author":2,"featured_media":400906,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-400905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/400905","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=400905"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/400905\/revisions"}],"predecessor-version":[{"id":400907,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/400905\/revisions\/400907"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/400906"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=400905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=400905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=400905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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