BlockBeats News, September 11th, the U.S. Department of Labor Office of the Inspector General released a statement announcing that it has initiated a review to assess the challenges faced by the Bureau of Labor Statistics in its economic data collection and reporting process.
The Inspector General's Office stated in the announcement that the Bureau of Labor Statistics had previously announced that it would reduce data collection for two key inflation indicators in the U.S. economy, namely the Consumer Price Index (CPI) and the Producer Price Index (PPI).
In addition, the Bureau of Labor Statistics recently made significant downward revisions to the estimates of new job additions in the monthly "Employment Situation Report." The Inspector General's Office stated that the review will focus on the challenges in the following areas and related optimization strategies: collecting PPI and CPI data; collecting and reporting monthly employment data, including data revisions. (FX168)