The dismissal of BLS Commissioner Erika McEntarfer by President Donald Trump and the nomination of EJ Antoni, a partisan economist, has alarmed macro investors regarding the credibility of government data. Investors have traditionally relied on data from the Bureau of Labor Statistics to gauge inflation, unemployment, and wage growth. With uncertainty surrounding the BLS, traders are turning to alternative data sources such as ADP, Homebase, and MIT's Billion Prices Project, as these non-governmental sources have become increasingly important, though they cannot fully replace the comprehensive BLS data trusted for decades.
The firing of Commissioner Erika McEntarfer and the nomination of EJ Antoni, a partisan economist, raise concerns about the validity of future Bureau of Labor Statistics data.
Traders are increasingly reliant on non-governmental data sources like ADP, Homebase, and MIT's Billion Prices Project due to potential partisan influence on government data.
The Bureau of Labor Statistics has long provided a non-partisan foundation of economic data, crucial for macro investors making decisions based on employment and inflation metrics.
In light of recent changes at the BLS, macro investors express a need to evaluate alternative data sources for a comprehensive view of economic conditions.
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