Aug. 12 (UPI) — Bureau of Labor Statistics commissioner nominee E.J. Antoni has suggested suspending monthly jobs reports in favor of more accurate quarterly reports.
The economist criticized the current methods used by the BLS to gauge employment numbers in the United States in an Aug. 4 interview with Fox News Digital that was reported on Tuesday.
“How on Earth are businesses supposed to plan, or how is the [Federal Reserve] supposed to conduct monetary policy, when they don’t know how many jobs are being added or lost in our economy?” Antoni said.
“It’s a serious problem that needs to be fixed immediately,” he added.
Instead of continuing to publish what he called flawed monthly jobs reports that undergo significant adjustments months later, Antoni favors publishing more accurate quarterly reports.
That would continue until the BLS can correct data-gathering methods and ensure more accurate monthly reports, he said.
“Major decision-makers from Wall Street to D.C. rely on these numbers,” Antoni said. “A lack of confidence in the data has far-reaching consequences.”
Antoni is the lead economist for the Heritage Foundation, and President Donald Trump said he will ensure accuracy in the BLS jobs reports.
“Our economy is booming,” Trump said Monday evening in a Truth Social post. “E.J. will ensure the numbers released are honest and accurate.”
Trump on Aug. 1 fired former BLS Commissioner Erika McEntarfer after the BLS reported 73,000 new jobs in July, which was less than half of the 147,000 jobs reported in June.
The BLS on Aug. 1 revised down the June report to 14,000 jobs created, which is 133,000 and 90.5% fewer than initially reported.
The BLS also revised downward its prior employment report for May, which initially was reported as 144,000 new jobs, to 19,000.
The revised May jobs report is 125,000 fewer than initially reported, which is a change of 87%.
Trump accused McEntarfer of knowingly producing false jobs reports shortly before the Nov. 5 election that reflected well upon the Biden administration but later were revised to remove 818,000 jobs.
President Joe Biden nominated McEntarfer to lead the BLS in July 2023, which the Senate confirmed in January 2024.