Confusing economic statistics in the time of COVID-19
Aruba, September 14, 2020 – The economic statistics that aid us in understanding the current state of the economy are in the midst of an unusual, if not unprecedented, upheaval. Combined with the equally unparalleled oscillations of the economy through the early months of COVID, economy watchers are naturally confused. Add to this the tendency towards dissembling that accompanies elections, and we are poised for a couple months of economic confusion. This column is aimed at relieving some of that confusion.
The staff of the U.S. Bureau of Labor Statistics, Bureau of Economic Analysis and Census survey teams are responsible for compiling and reporting data on employment, GDP and other economic data. They are, by far, the best economic statistical services ever devised. Governments have been at this for more than a millennium, and the work done today is first rate and thus far immune from political shenanigans. Americans should be pleased with the economists, statisticians and data scientists doing this work. They are not perfect.
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