2012 Economic Census: Chief Economists Discuss Government Data

2012 Economic Census: Chief Economists Discuss Government Data


MUSIC The census data
indeed is as descriptive of the real situation
as we have out there. And so when a community really
wants to understand, “Well, how many households
do we have making less than $25,000 a year?” This is a question that has
lots of different implications. There’s really only
one place to go to get that kind of information. I use data services
that are based on– that either draw directly
from government data or you– or draw their own conclusions
from the government data. No way you could do
any economic analysis without government
data, it’s key. The economic data that
we have, without it, we’re completely in the dark. And markets can’t
function in the dark. We’ve already seen the role
that uncertainty has played in suppressing growth. So, the more clarity we have,
the more information we have about the economy and all the
levels of which it’s evolving, how it’s changing, what’s
happening, benchmark revisions, changes to the structure
of the economy. This is critical in everything
from forecasting the economy on a very broad level
but more importantly in understanding the economy
from a strategic level for any business out there. MUSIC

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