Trump Nominates EJ Antoni as New BLS Commissioner Amid Data Accuracy Concerns
Donald Trump recently dismissed Bureau of Labor Statistics (BLS) Commissioner Erika McEntarfer and nominated EJ Antoni as her replacement. This move raises questions about the accuracy of government economic data used for capital allocation.
Key points include:
- Ray Dalio criticized the BLS, stating its estimation processes are outdated and error-prone.
- Recent significant downward revisions in employment data were noted as indicative of issues within the BLS.
- Dalio emphasized that private estimates are more reliable for economic forecasting.
- Antoni described BLS data as "BS" and proposed suspending monthly employment reports in favor of quarterly releases until improvements are implemented.
- The BLS also produces the Consumer Price Index, which has faced longstanding criticism regarding its accuracy in reflecting inflation pressures.