US President Donald Trump recently claimed that the monthly job report prepared by the Labor Statistics Office (BLS) is inaccurate after the data has revealed weaker employment numbers. Fired by Dr. Erika Mcentarfer, body commissioner.
“In my opinion, today’s working numbers were manipulated so that the Republicans and I look bad,” Trump said about the truth of social.
He also claimed that Mcentarfer “had the biggest incorrect calculations in more than 50 years”.
After Trump’s assertion regarding the accuracy of US jobs, let us examine what BLS is doing and how the survey really works.
What does BLS do?
Bureau of Labor Statistics (BLS) acts as an independent body within the Ministry of Labor of the United States. This is supervised by the Minister of Labor, a member of the President’s cabinet and manages the Commissioner appointed by the Senate.
The body collects data on several key economic issues and regularly brings important reports. This includes information about prices, inflation, productivity, expenditure, wages, workplace injuries, employment and unemployment.
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BLS collects job data through two different surveys. The first includes traditional visits from door to door, where inspectors go to several houses across the country and ask individuals about their job status and demographic data.
The second method is the current exploration of employment statistics (CES), which collects data from thousands of businesses and government agencies through various methods, including telephone, internet surveys and automated data transmission for large corporations.
The respondents of the CES survey report monthly data on employment, hours and earnings for all BLS paid workers based on their wage records. The data are collected for the period of payout that includes 12. Each month.
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The monthly report data is estimated mainly according to hours and earnings worked. Economists use estimates based on seasonal hiring samples and smoothes data using seasonal modifications to prevent large fluctuations from month to month.
What is the US message and how does it work?
Summary BLS produces its situation at work, also known as the US monthly report, the first Friday of each month.
The message is based on two surveys. The household survey provides demographic data and unemployment rate, while a business survey offers information about remuneration, lessons worked and fluctuations in the number of added or lost jobs in the US economy.
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According to CNN, this message contains jobs for this particular month and revises the sums for the previous two months, whether up or down.
The data were revised because the initial data on jobs were preliminary after the first publication, because some respondents cannot report their data wages before the deadline. BLS constantly collects wage data as reported and updates data accordingly, he added.
Is the US report accurate about jobs?
According to the PTI report, economists and investors from Wall Street traditionally rely on employment that tend to evoke sharp movements of shares prices and bond yields after release. Friday’s revisions, however, were significantly large. In addition, surveys used to collect data for reports are difficult to find due to the declining response rate, especially because Covid is involved in fewer companies in surveys.
Numerous academics, statistics and economists have long warned that decreasing budgets disrupt the government’s ability to collect economic data. Although several government commissions have examined methods to increase the survey response and other data collection processes, Trump’s administration dissolved them at the beginning of this year.
(Tagstotranslate) job data
