Science Policy News
I’m delighted to have Andrew Reamer as this month’s science policy guest columnist. Reamer is a leading expert on the economic
statistical agencies and a leading champion. As you’ll see in this piece, he brings authority to these issues and is constructive in his
recommendations for addressing the issues he identifies. -Steve Pierson, ASA Director of Science Policy,
pierson@amstat.org
In Dire Straits: The Urgent Need to
Improve Economic Statistics
Andrew Reamer, Fellow, Metropolitan Policy Program
delayed. Consider these examples, particularly in
light of current economic conditions:
—The Bureau of Labor Statistics (BLS) Consumer
Price Index (CPI) still relies on the 1990 Census
to construct its geographic area sample and housing
sample.
—The Bureau of Economic Analysis (BEA) will no
—
longer publish metro and county estimates of the
gross domestic product and earnings by detailed
industry. So, for instance, the Detroit metro area
will lose the ability to track auto manufacturing’s
contribution to the region’s economy.
—The BLS will no longer collect jobs data for 65
small metropolitan areas.
—The Department of Housing and Urban
Development (HUD) is discontinuing the
Residential Finance Survey, which gathers data on
mortgage debt, and has cut back the American
Housing Survey dramatically, which examines cur-
C
urrent, accurate, detailed federal economic rent housing conditions and markets.
statistics are essential to the proper function
and growth of the U.S. economy. Federal, —The Federal Reserve Board of Governors eliminat-
state, and local government policymakers and mil- ed its Survey of Small Business Finances (SSBF).
lions of businesses rely on economic statistics to
assess conditions, guide investments, and evaluate —The most recent detailed research and develop-
results. Insufficient, incorrect, or outdated data can ment data from the National Science Foundation
result in mistakes that are costly to the economic (NSF) is for 2004.
vitality and competitiveness of the nation and its
regions, cities, and neighborhoods. The availability —The Federal Highway Administration’s National
of good economic data is particularly important in Household Travel Survey (NHTS), which guides
this time of economic recession and uncertainty. hundreds of billions in government transportation
Unfortunately, the economic statistics system is spending, was delayed for two years and no longer
visibly deteriorating before our eyes. A number of covers long-distance travel.
existing economic data series has been eliminated,
reduced in detail and accuracy, unrecalibrated to Moreover, our economic statistics system remains
account for new benchmark data and methods, or oriented to the mid-20th century manufacturing-
MARCH 2009 AMSTAT NEWS 33
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