Editorial: Job market revisions shows BLS needs a shake-up

The Bureau of Labor Statistics appears to be auditioning for a new magic show on the Vegas Strip Its show-stopping trick is making nearly million jobs disappear On Tuesday the bureau reported its annual revision to yearly employment material From April to March the financial sector added fewer jobs than previously communicated That means the commercial sector gained only around jobs during that time That s more than a reduction from previous estimates The agency had a major miss last year as well In its annual revision lowered the number by Chosen level of change is normal For its monthly facts the bureau relies on employment surveys which have a response rate trouble Also the monthly facts uses assumptions regarding businesses that opened and closed The annual details is based on information from state unemployment offices But misses of this magnitude are strange It represented a - adjustment Over the past decade the absolute value of the average annual adjustment has been As a percentage this was the biggest miss since Having accurate employment content remains vital Companies need reliable information to identify the best venture opportunities It gives individual voters a picture of how the broader market is performing potentially informing their personal employment decisions It s a factor the Federal Reserve considers when setting interest rates Employment content is often used by elected officers as a proxy for the success of their economic policies or the failure of their opponents plans It should be noted that Joe Biden was president during majority of this period This new evidence shows the Biden economic system was even weaker than previously thought The agency s defenders claim it requirements more funding and staffing Given how Biden blew out the federal budget in so several areas that s not a satisfying explanation This revision shines a different light on President Donald Trump s firing of the former BLS director Erika McEntarfer At the beginning of last month he removed her after a overview exhibited a slowdown in hiring At the time several condemned the move as political and that was a legitimate concern It looks more justified now But pointing out a dilemma and fixing it are two different things Time will tell if Trump s nominee to lead the bureau E J Antoni who has been critical of the agency can turn things around But there should be little disagreement that an overhaul is necessary Las Vegas Review-Journal Tribune News System Editorial cartoon by Gary Varvel Creators Syndicate