Why The US Labor Stats Are Wrong
It manipulates everything.......Can private tech fix it?
Happy Labor Day!
“We can do better at collecting labor statistics. They impact everything. If how we work has changed, so should the measurement. With the technology we have today, we should be able to apply them to a common mission of organizing economic information and data. The labor statistics would be a great opportunity to apply a joint mission of private and public partnership to solve a problem which impacts everyone. Collecting, organizing and analyzing large amounts of data is not a new science. Social media giants do this by the second, minute, hour. Research teams at universities solve much greater complexities. Data scientists at leading companies apply frameworks that commercialize industries. If how we work has changed, so should the measurement.” Laowai
Jobs report: U.S. economy added 818,000 fewer jobs than first reported | AP News
Is the proper application of private technology the answer to the poor data for the US government? Government innovation is hard, but not impossible. Just takes some proper motivation and leadership. Having your own house in order is critical.
Here are some starting points for all those motivated leaders out there…..
Improve/Modernize data collection methods
Enhance the data processing and analytics with compute power and tools
Open transparency on data sources to build trust
Fix data quality issues with real time information and communication
Engage more stakeholders in the process
Implement regular evaluations and assessments to consistently improve
Always be curious! God Bless America!
Tyler
