Joe Kernen on BLS Response Rates and Economic Data Accuracy

Declining BLS Response Rates

• 📉 The Bureau of Labor Statistics (BLS) household survey has seen a significant drop in response rates over the last 10-12 years, falling from around 90% to 60% or lower.
• ⚠️ This decline is considered unacceptable for what is arguably the most important economic statistic.

Criticism of BLS Data Collection

• ✉️ A Wharton Professor, Jeremy Seagull, criticized the BLS for not making questionnaires mandatory and for not imposing time limits for completion.
• 🐌 The current methods, including using snail mail for responses, are described as antiquated, especially in the internet age.
• ⏳ There's a lack of instant data, with responses still being collected via slow methods.

Major Economic Revisions

• 📊 The BLS made the largest revision in 50 years, with 258,000 fewer jobs reported over two months.
• ❓ The transcript questions why there was no explanation for such a significant revision.

Mainstream Media's Omission

• 📺 The host highlights a specific chart about BLS response rates that the mainstream media is intentionally ignoring.
• 🗣️ This ignored detail is presented as crucial for understanding the accuracy and reliability of economic reports.