Department of Labor

No cost solution to increase economic indicator accuracy

We need to make those surveys used for primary federal economic indicators, mandatory. This would make our data collection process more efficient, and our estimates more accurate. This is a simple no cost solution to enhance statistics used across compared to other more expensive options. The benefits to policy makers and industry from understanding our economy that much better would pay in dividents through greater efficiencies.

 

Everyone wins with this solution. All respondents would know it is a fair playing field, and that our data would be that much more reliable for guiding this nation's economic decision makers.

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Idea No. 16630