Quality of US Economic Data

A Reuters survey conducted from July 11 to July 24, 2025, questioned 100 top U.S. economic policy experts—including Nobel laureates, former policymakers, academic economists, and senior economists at banks and think tanks. The Results:

• 89 out of 100 said they were concerned about the declining quality of official U.S. economic data

• 41 labeled themselves "very concerned." 

What’s Driving the Concern?

• Major staffing cuts: The Bureau of Labor Statistics (BLS) has lost at least 15% of its workforce, and across key agencies such as the Census Bureau and Bureau of Economic Analysis, nearly 260,000 federal workers have been cut since President Trump took office.

• Impact on statistical series: Due to resource limitations, roughly 350 Producer Price Index components will no longer be published starting in August. 

• Survey response rates declining: Falling participation in required data collection further threatens accuracy and reliability. 

• Over 80% of respondents believe U.S. authorities are not addressing the issue with sufficient urgency, and 70% say agencies lack adequate resources to maintain quality data reporting. 

Broader Implications

• Policymaking risk: More than two-thirds of experts flagged concerns that poor-quality data could undermine Federal Reserve policy decisions.

• Civil service politicization: Former BLS Commissioner Erica Groshen warned staff cuts and restructuring could lead to non‑career hires influencing data integrity and even missed deadlines or biases creeping into releases.

Summary

In short: a vast majority of elite experts are alarmed that reductions in staffing and survey participation at U.S. statistical agencies are degrading the quality of official economic data—raising serious concerns over its reliability for economic decisions and policymaking.

Sources include Reuters and ChatGPT.