A new study from the Philadelphia Federal Reserve says the U.S. added 1 mln fewer jobs in the spring than the government reported. It’s not the only example of mismatched economic data, says BenWinck
, an alternative measure, shows a higher overall inflation rate. And the dramatic rise this year in gasoline and food costs, which both measures exclude, still matters because it influences consumers’ view of where prices will go in future.
Picking through these numbers to come up with a single answer – the correct interest rate that will make prices grow at no more than 2% - is getting harder. Before the pandemic, comparable gauges generally pointed in the same direction, with differences often explainable by minute differences in methodologies. As those gaps grow, policymakers are left with a much hazier picture of how the U.S. economy is faring, and what they should do about it.The U.S.
The federal government releases monthly jobs data, but revises its numbers once a year as part of a process known as benchmarking, which factors in more comprehensive data only released quarterly. Some regional Fed banks conduct early benchmarking.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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