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Powell warns about data degradation as agencies cut surveys; Fed watches measurement quality
Summary
Chair Powell told the committee he is not presently concerned about the accuracy of core economic data but warned of a troubling ‘‘direction of travel’’ as statistical agencies shrink surveys and survey response rates fall; he urged continued investment in measurement.
Lawmakers from both parties pressed Federal Reserve Chair Jerome Powell about the integrity and future of the public statistical system, citing funding cuts and personnel reductions at agencies such as the Bureau of Labor Statistics and the Office of Financial Research.
Powell told the committee he was not worried about data…
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