How Reliable is Economic Data?

The Goldman Sachs Exchanges podcast episode explores the reliability of economic data, featuring Allison Nathan in conversation with Joseph Briggs, Erica Groshen, Arthur Laffer, and Alberto Cavallo. The discussion covers concerns about data quality due to pandemic-related economic swings, statistical agency funding, declining survey responses, and potential political influences. Groshen explains the nature of data revisions and safeguards against bias at the BLS, while Laffer dismisses concerns about budget cuts and political manipulation. Briggs points to some deterioration in data quality but suggests overall usefulness remains. Cavallo shares insights from Argentina's experience with unreliable statistics, highlighting the importance of trust in official data.