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Investing.com -- National Economic Council’s Hassett criticized the Bureau of Labor Statistics during a CNBC appearance Monday, calling its data "very unreliable" and emphasizing the need for reform.
Hassett stated that officials "must get a fresh set of eyes" at the BLS and "modernize the labor data" to improve transparency. He expressed particular concern about large revisions in economic data, saying these require transparent explanations and shouldn’t show "partisan patterns."
Regarding employment figures, Hassett acknowledged that "jobs numbers were slower than we expected" but maintained that proper revisions provide a better understanding of economic conditions "if not manipulated."
On trade policy, Hassett claimed current data shows that tariffs are "being borne by foreign producers" rather than American consumers. He advised that "everybody should bank on tariffs being resolved" in the future.
Hassett also revealed that Bessent is compiling a short list for a BLS replacement, underscoring the administration’s commitment to leadership changes at the agency.
Despite concerns about data reliability, Hassett expressed that the administration remains "highly optimistic about the economic future."
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