The Freak-Out Over the Bureau of Labor Statistics
The July jobs report landed with a thud—just 73,000 new payrolls, almost all in health care and social assistance. And then came the fireworks: President Trump fired Bureau of Labor Statistics Commissioner Erika McEntarfer , the press corps exploded, and every economic commentator from Cambridge to Stanford and from Chicago to New Orleans dusted off their prewritten essays on authoritarianism and statistical independence. But as usual, the outrage machine missed the real story.
The May and June revisions weren’t just large. They were historically large by any standard and especially by the…
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