The under-the-radar risk that could sink America's economy

"One of the most underrated revolutions of the past 50 years is the explosion of easily accessible data. Whether it's detailed breakdowns of the characteristics of every neighborhood in the US, improved weather forecasting models that give us extra days to prepare for hurricanes, or personalized genomic analyses that can give us early warnings about disease, there has never been more information more readily available than in the last few decades."

"For businesses and consumers alike, this data surge has been a massive boon to the collective bottom line. A deeper understanding of our world has led to more stable markets and saved lives through disaster planning or improved medicine. But the last year has shown that this data revolution is at risk, especially for the government-produced statistics that have become the backbone for myriad industries and private providers."

An explosion of easily accessible data over the past decades has produced detailed neighborhood characteristics, improved weather forecasts, and personalized genomic analyses. That data surge has boosted business and consumer outcomes, stabilized markets, and saved lives through disaster planning and medical advances. Recent trends show government-produced statistics that underpin many industries are weakening. Loss of reliable core data would force decision-makers from central banks and major banks to small businesses and households to rely on guesses rather than robust information. The Bureau of Labor Statistics provides century-long, granular measures of jobs, prices, and behavior; degradation there would severely impair economic measurement and planning.

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