Trump is about to make two key appointments. Faith in the economy is at stake
The Bureau of Labor Statistics commissioner will be responsible for delivering reliable economic data to the thousands of businesses, employers and government agencies that rely on the statistics to make key investment and hiring decisions. And the member of the Federal Reserve Board of Governors will serve as a crucial vote in setting the central bank’s interest rates and possibly as a shadow Fed chair waiting in the wings to take the top job in May.
But Trump’s recent actions and statements about both positions may have already harmed the credibility of either hire. That risks damaging confidence in the US economy.
Crucially, many businesses and government organizations rely on the BLS data for their decision-making about investment, pay and hiring. The Federal Reserve, in particular, relies on the BLS data to help guide its monetary policy and rate-setting. Fed Chair Jerome Powell last week said the entire economy relies on strong data.
Without credible and accurate data, the Fed, CEOs and investors would be flying blind.
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