Improving the quality and reliability of U.S. economic data collection and reporting could enhance policymaking and public trust. Current challenges include outdated methodologies, inconsistent survey participation, and delays in data publication. Updating statistical frameworks, increasing funding for agencies like the Bureau of Economic Analysis and the Census Bureau, and leveraging new data sources such as real-time transaction records could yield more accurate and timely insights. Greater transparency about margin of error and methodological changes would also help investors and analysts interpret reports more effectively. Modernizing these systems is essential to reflect a dynamic 21st-century economy.
— news from Barron’s