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White House economist: Economic statistics agencies need 'new perspectives'

According to AXIOS, White House senior economist Stephen Miran said an important economic statistics agency needed a "new perspective," but he did not repeat President Trump's claim that Friday's employment data was politically manipulated. Trump on Friday ordered the firing of the director of the Bureau of Labor Statistics after claiming without evidence that disappointing employment numbers were "manipulated." The bureau later confirmed that Commissioner Erika McEntarfer was fired and that her deputy William Wiatrowski would serve as acting commissioner. The July employment report released earlier Friday showed only 73,000 new jobs were created last month. The Bureau of Labor Statistics also announced a significant revision of the data, showing employment was 258,000 fewer than previously believed in a total. This is the second largest two-month downward correction on record, second only to the correction during the epidemic. Miran said: "Now is definitely the time to look at this issue with a new perspective and work hard to find solutions that improve data reliability and reduce corrections. The agency should try to incentivize faster feedback or delay data release for a week or two if doing so reduces subsequent revisions."

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