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Government surveys that track the economy are failing. Budgets are shrinking, people are skipping surveys, and economic data we rely on is becoming less trustworthy.
This is a big deal—because when the numbers are wrong, decisions that affect markets, businesses, and everyday life go wrong, too. Here’s what’s happening.
Budgets Are Too Tight
Agencies behind economic surveys—like the Bureau of Labor Statistics (BLS) and the Bureau of Economic Analysis (BEA)—have had their funding squeezed for years.
- In real terms, budgets are down by 20% since 2010.
Agencies (like the BEA and BLS) are cutting back on sample sizes and surveys, making data less reliable.
Participation Rates Suck
Even when surveys are funded, fewer people answering them.
- The Job Openings and Labor Turnover Survey (JOLTS) participation rate has dropped from 66% in 2015 to just 33% in 2024
Why? My guess is this: people are more concerned about privacy, trust the government less, and frankly, don’t want to bother with long surveys.
When fewer people respond, the data becomes biased, not telling us what's really going on.
Bad Data = Bad Decisions
If the numbers are wrong, decisions go wrong, too.
- In August, a weak jobs report caused $6.4 trillion to be wiped from global stock markets in just a few days, according to Bloomberg.
Policymakers rely on economic stats to make huge decisions about interest rates, spending, and investments. Without accurate data, we'll go blind.
Here's what you should know:
- Budgets are broken. Real funding for critical surveys are down 20% since 2010
- Participation is falling. JOLTS response rates have dropped by over 50%, affecting data quality
- The risk is real. Inaccurate numbers mean bad decisions for markets, businesses, and policies that affect us all