🔶 Response rates for key labor market surveys have declined to near-historic lows, raising concerns about the reliability of the data.
🔶 The non-farm payrolls survey response rate has dropped from ~63% in 2012 to ~43% in 2024.
🔶 The current population survey, which calculates the unemployment rate, fell from ~90% to ~70% over the same period.
🔶 Job openings survey response rates have also plummeted to ~33%, down from ~65% just 12 years ago.
🔶 The BLS initially releases data based on a smaller share of responses, leading to massive downward revisions as more data is collected.
Something seems off with how labor market data is being reported.
