2012 Economic Census: Chief Economists Discuss Building Comprehensive Data

2012 Economic Census: Chief Economists Discuss Building Comprehensive Data


MUSIC The data are only as
good as the sources that we– where we get it. And I think it’s crucial that businesses know
how important this is for an economist’s understanding
about the economy and in turn, our ability to bring
that back to them and explain what it means for their business
and their community. The reality is that data
is extremely important. We need to be able to say how
many manufacturers there are, we need to have a whole
host of statistics out there on manufacturing
and its importance. And if you don’t
fill out those forms, we don’t have that information. Businesses often
complain about burden. And actually, they can have
less burdensome monthly surveys as a consequence of
this complete census which is done every five years. It’s the census and the
credibility that the census has for that information is key. But what we’re finding is that, even all the additional third
party independent research tools that we use, they often rely
heavily upon that information. That comes largely from all
our statistical agencies and the census is
the real opportunity to have high frequency
and really granular data on these various
economic sectors. So, for us, quick access,
comprehensive data, which is what the U.S. Census
is all about, really is the way that we get the decision
makers in the bank, both on the trading
desk for example, but the more strategic longer
term thinkers when they look at trends in the US economy,
when they look at demographics for the US economy, all
that’s very important. MUSIC

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