Posted by: Michael Mandel on February 05
The economy may be going into recession, but will we know it?
Because of budget cuts, the BLS (Bureau of Labor Statistics, natch) being forced to eliminate or pare back the production of some of its economic statistics (you can find a list of the cutbacks here). One example:
Eliminate the publication of all metropolitan area hours and earnings data and the publication of all employment data for the 65 smallest metropolitan areas, affecting all metropolitan areas with total nonfarm employment of 50,000 or less (approximately 3,900 estimates each month.)
So long, Sandusky Ohio…adios Ames, Iowa…farewell Fairbanks, Alaska
This is like the ultimate insult…too small to be measured because of budget cuts.
You know, we should be adding to our statistical capabilities, not subtracting from them.
Michael Mandel, BW's award-winning chief economist, provides his unique perspective on the hot economic issues of the day. From globalization to the future of work to the ups and downs of the financial markets, Mandel-named 2006 economic journalist of the year by the World Leadership Forum-offers cutting edge analysis and commentary.