Modernizing Federal Economic Statistics

Abstract

Official statistical data on the structure, evolution and performance of the U.S. economy are produced by a variety federal, state and local agencies. Much of the methodology, policy frameworks and infrastructure for U.S. economic measurement have been in place for decades. There are growing concerns that the economy is evolving more rapidly than are the economic statistics we use to monitor it. We discuss both the challenges and opportunities to modernizing federal economic statistics. We describe an incremental approach that federal statistics agencies can follow to build a 21st century economic measurement system.

Wrapping it up in a person: Examining employment and earnings outcomes for Ph.D. recipients

“…As we highlight below, this change is already underway, with analyses that investigate the impacts of policies over time, across programs, and spanning generations. Moreover, the Census Bureau has used administrative records to measure economic activity since the 1940s and is currently adopting best practices from the private sector to modernize economic measurement (Bostic, Jarmin, & Moyer, 2016). Thus, our big data solution for policy analysis is a straightforward extension of these activities.…”

Counterpoint to “Big Data for Public Policy: The Quadruple Helix”

“…Companies undoubtedly possess rich data that can support economic and social measurement as well as public policy analysis. Statistical agencies such as the Bureau of Economic Analysis, Bureau of Labor Statistics, and Census Bureau are exploring a number of ways to build more timely and detailed statistical products by integrating private sector “Big data” (Bostic, Jarmin, & Moyer, ). Academics have flooded many high‐profile firms with data requests to support research.…”

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