ResourceBlog Article: In Dire Straits: The Urgent Need to Improve Economic Statistics

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Tuesday, 10th March 2009

In Dire Straits: The Urgent Need to Improve Economic Statistics

Current, accurate, detailed federal economic statistics are essential to the proper functioning and growth of the U.S. economy. Federal, state, and local government policy-makers and millions of businesses rely on economic statistics to assess conditions, guide investments, and evaluate results. Insufficient, incorrect, or outdated data can result in mistakes costly to the economic vitality and competitiveness of the nation and its regions, cities, and neighborhoods. The availability of good economic data is particularly important in this time of economic recession and uncertainty.

Unfortunately, the economic statistical system is visibly deteriorating before our eyes. Existing economic data series have been eliminated, reduced in detail and accuracy, unadjusted to account for new benchmark data and new methods, or delayed. Consider these examples, particularly in light of current economic conditions:

The Bureau of Labor Statistics (BLS) Consumer Price Index (CPI) still relies on the 1990 Census to construct its geographic area sample and housing sample.
The Bureau of Economic Analysis (BEA) will no longer publish metro and county estimates of GDP and earnings by detailed industry. So, for instance, the Detroit metro area will lose the ability to track auto manufacturing’s contribution to the region’s economy.
BLS no longer collects jobs data for 65 smaller metropolitan areas.
The Department of Housing and Urban Development (HUD) is discontinuing the Residential Finance Survey, which gathers data on mortgage debt, and has dramatically cut back the American Housing Survey, which examines current housing conditions and markets.
The Federal Reserve Board of Governors eliminated its Survey of Small Business Finances (SSBF).
The most recent detailed research and development data from the National Science Foundation (NSF) is for 2004.
The Federal Highway Administration’s National Household Travel Survey (NHTS), which guides hundreds of billions in government transportation spending, was delayed for two years and no longer covers long-distance travel.

Source: The Brookings Institution

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