4.7 • 9.2K Ratings
🗓️ 7 March 2025
⏱️ 11 minutes
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0:00.0 | NPR. |
0:02.0 | This is the indicator from planet money. |
0:14.0 | I'm Daryan Woods. |
0:15.0 | And I'm Waylon Wong. |
0:16.0 | It is Jobs Friday. |
0:18.0 | That means we have the latest numbers on the U.S. labor market from the Bureau of Labor Statistics. |
0:23.6 | The Jobs Report shows that 151,000 jobs are added in February. |
0:28.4 | The unemployment rate nudged up to 4.1% from 4% in January. |
0:33.2 | The monthly jobs report is one of the major economic indicators that we rely on the government to produce. |
0:40.3 | And generally, we trust that this data gives us an accurate snapshot of how U.S. workers are doing. |
0:46.9 | But recently, we've seen government data disappearing from public websites. |
0:50.7 | We've seen Doge getting access to sensitive information. And in the past week, |
0:56.1 | Commerce Secretary Howard Lutnik has disbanded two committees of outside experts that advise |
1:01.1 | the government on economic data. He also talked about changing how gross domestic product gets |
1:06.1 | calculated. And people like Erica Groshen are concerned. Erica is a former commissioner of the Bureau of Labor Statistics. |
1:13.6 | She was also on one of the committees that Lutnik just next. |
1:17.7 | Erica says that statistical agencies live and die by trust, |
1:22.4 | trust that the data is both secure and free from political interference. |
1:27.0 | If people don't trust the data, |
1:29.2 | then you might as well not produce it. And this data is vital to the economy. The Jobs |
1:34.4 | Report moves markets. The Federal Reserve and other decision makers use the information to |
1:39.5 | shape policy that affects all of us. So today on the show, can we still trust official statistics like the monthly jobs report? |
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