On the recordOctober 6, 2015
The numbers never lie--unless they do. Each month we all react to the release of the employment report as the supposed indicator of economic health around our country. The most recent jobs numbers show an unemployment rate of 5.1 percent, but that headline number paints a picture that simply doesn't exist. It distorts the economic outlook and distracts this Chamber from working toward the creation of better jobs and more opportunities for millions of Americans. Economists of all persuasions have criticized this method as overstating job market strength, noting that the Bureau of Labor Statistics only considers limited factors when reporting the unemployment rate and ignoring things like underemployment or the number of workers who have left the labor force. What we are left with is a flawed view of labor market strength. With that in mind, I have joined with colleagues in introducing the Labor Statistics Improvement Act, which would clear the way for changes in methodology that could help the unemployment rate more accurately reflect the strength of the labor market. If the jobs report dictates how this Congress addresses real economic challenges, we can't afford to get it wrong. ____________________
