Trump's pick for BLS commissioner suggests suspending the monthly jobs report
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EJ Antoni, nominated by President Donald Trump Monday to become the next commissioner for the Bureau of Labor Statistics, suggested that the agency should suspend its monthly jobs report until it is 'corrected.'
Antoni, in an interview with Fox Business News published Tuesday, said the BLS should instead publish quarterly data after it had been revised until BLS can ensure its monthly jobs data is more accurate.
'Until it is corrected, the BLS should suspend issuing the monthly job reports but keep publishing the more accurate, though less timely, quarterly data,' he told Fox Business. 'Major decision-makers from Wall Street to D.C. rely on these numbers, and a lack of confidence in the data has far-reaching consequences.'
The July report, issued Friday, included revisions for May and June that were historically large, but they were not unprecedented.
May's jobs total was revised lower to 19,000, down from an initial estimate of 139,000 – a total revision of 120,000 jobs. For the June jobs total, the BLS on Friday said the US economy added just 14,000 jobs, down from a preliminary estimate of 147,000 – a revision of 133,000 jobs.
The BLS tracks each month's revisions dating back to 1979, but the BLS introduced a new probability-based sample design for revisions in 2003. Between 1979 and 2003, the average monthly revision was 61,000 jobs. Since 2003, the average monthly revision is only a slightly more accurate 51,000 jobs.
This is a developing story and will be updated.
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