The hidden backbone: The data behind the economy

How do we know what’s really happening in the economy?In this episode of Econ To Go, Neale Mahoney sits down with labor economist Erika McEntarfer, former head of the U.S. Bureau of Labor Statistics, to explore the public data system behind the numbers we hear every day, like inflation, unemployment, and GDP. McEntarfer explains why America’s statistical system is widely considered the global gold standard, but also why it’s facing new pressures from rising survey costs, declining response rates, threats to independence, and limited budgets. We explore several key themes, including:(01:14) Challenges and opportunities in the economic data system(05:30) Public vs. private data(09:14) Modernizing the data system(18:03) Implications of firing your chief statistician(23:53) Can we trust the data?Econ To Go brings Stanford economics into your everyday life — served with a side of coffee. Hosted by economist and director of the Stanford Institute for Economic Policy Research (SIEPR), Neale Mahoney, the show takes you on a walk across campus with leading thinkers as they unpack the ideas shaping our economy, public policy, and daily lives. Smart, curious, and conversational — it’s Stanford economics, to go.The Stanford Institute for Economic Policy Research is a nonpartisan research center that brings together scholars, policymakers, and industry leaders to solve pressing economic challenges and inform better public policy.Never miss an episode. Subscribe to Econ To Go on Spotify, Apple Podcasts, Amazon, YouTube, or wherever you get your podcasts. Plus follow SIEPR on LinkedIn or X/Twitter for episode updates and research highlights, or explore more at siepr.stanford.edu.Today’s guest, Erika McEntarfer, is a labor economist and former Commissioner of the U.S. Bureau of Labor Statistics. She is a research scholar and the Tad and Dianne Taube Policy Fellow at the Stanford Institute for Economic Policy Research. Her work focuses on economic measurement, labor markets, and the public statistical infrastructure that underpins economic policymaking. To learn more about her work and the U.S. economic data system, explore these links:Until Trump Fired Her, She Was an Economist With Bipartisan SupportThe Value of US Government Data to US Business DecisionsU.S. Bureau of Labor Statistics