One of NABE's top priorities in 2000 is to garner business support for improved data. The Commerce Department's BEA yesterday unveiled changes to the way it measures the economy to reflect economic growth more accurately. The changes, which will be reflected in advance estimates of Gross Domestic Product to be released in October, will bring more meaningful data to business users of government statistics.
Businesses rely on economists to interpret the impact of a changing economy on business decisions.
Sound statistics are vital. Bad data can lead to bad interpretations and bad business decisions. Recognizing this, NABE has long been a proponent of quality and timely Federal government statistics. With a better handle on technology, measurements of productivity acceleration will be more reliable. Funds for statistical agencies are being cut just at a time when they need them most to catch up with our fast growing economy.