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Whenever there's a change in methodology, it's common practice to retroactively recalculate the entire series so that the data are consistent. Economists aren'
by lottin 3y ago
Whenever there's a change in methodology, it's common practice to retroactively recalculate the entire series so that the data are consistent. Economists aren't that dumb.
- vineyardmike 3y agoYea but news articles and anecdotes from that period in time aren’t rewritten
- sph 3y agoIt's not economists being dumb, it's gaming from politicians to paint a rosier picture than it is.
- hughesjj 3y agoThis still allows for you to choose the metric that best benefits your narrative today, which essentially every bls report has done. I still remember them removing the people who had been out of the job for xx months during the 2008 recession from the 'unemployed' category. 'oh look unemployment is down!'. '...but so is the labor participation rate...'
- lottin 3y agoOkay... we were talking about inflation. When and how exactly has the BLS chosen an inflation metric that suits "the narrative" of today?