Good morning Precise, timely data are essential for strong decision -making and business growth. If the data quality suffers, companies risk losing their strategic lead and the recent changes to US statistical agencies have raised the red flags among the top economists.
Elon Musks Department of Government Efficiency (Doge) may have completed a large part of its cost -reducing agenda, but his wave effects can still be felt. Mark Zandi, chief economist at Moody’s Analytics, adds deeper risks that result from the reduction in Doge’s workforce: Slashing workplaces in national agencies that already undermine the quality of the government data –A sign of far -reaching consequences for public services.
“Government employees have important jobs that are of crucial importance for the provision of important services for taxpayers,” Zandi told me. “If jobs are shortened and these services are not performed promptly and competently or are not provided, there may be considerable negative effects.”
With regard to the data quality, the publication of the Bureau of Labor Statistics (BLS) led to an intensive exam last week. President Trump on August 1st ordered the shooting by Erika Mcentarfer, the commissioner of the BLS.
According to BLS, July’s Work report showed only 73,000 new jobs, while the jobs were revised by 258,000 from May and June. This led to the three -month average monthly salary calculation growth to only 35,000 compared to 123,000 in the previous year.
However, Zandi refers to the cuts of Doge as an important driver for these revisions: Personnel reductions mean that the wage and salary account data of agencies often occur too late, which leads to large corrections after facts.
“This was not much important if the government’s employment was stable, but now that the government’s jobs declined, the cuts in the revisions are taken up,” said Zandi.
The influence extends to the statistical agencies themselves; Under -occupied teams have difficulty processing the employment data, which in turn causes even greater subsequent revisions, he said. According to Zandi, the investment in reliable data and the people who collect it are a basis for intelligent decisions and economic resilience.
In times of uncertainty, the value of good data cannot be overrated: it is an indispensable compass for managers.
Sheryl Scot
sheryl.estrada@fortune.com
Ranking
Vaibhav agarwal was promoted to the CFO of RingCentral, Inc. (NYSE: RNG), a AI-affiliated business communication provider that is immediately effective. Agarwal, who has been working at Ringcentral since 2016, will follow Abhey Lamba, which will continue to act as an executive advisor by the end of the year. Agarwal had a nine -year term in previous roles as deputy CFO, Chief Transformation Officer and Chief Accounting Officer.
Jennifer Fall Jung was appointed CFO and secretary by Athlete’s Warehouse Holdings, Inc. (Nasdaq: SPWH), effective on August 18. Autumn Jung will follow Jeff White, who serves in a role until September 9th. Before this role, he had a variety of roles at The Gap, Inc., including CFO and SVP from Old Navy Global stores and online.
Big deal
Digital upskilling is no longer just for Tech teams. “We are now all technicians: Digital Skill Building for the future” A report by McKinseyExamines how collectively the technological skills can make companies more competitive.
“For organizations that can carry out their best employees, all employees have to be a technician,” said McKinsey. This includes managers who have to become technically more experienced because company leaders are increasingly responsible for providing technological products. This requires a broader and stronger technical basis in the entire organization.
McKinsey describes new approaches to improve the technical skills of employees in order to improve productivity and performance and maintain top talents.
Go deeper
“How Aravind Sriniva’s confusion of AI turned into a potential Google killer of $ 18 billion” is A Assets Feature articles by Jeremy Kahn.
Kahn writes: “The proportion of Google of search traffic fell under 90% at the end of 2024. According to Statcounter, it went under this threshold for the first time in 15 years. While the threat to Chatgpt the goods The main driver of these traffic changesConfusion has built up many of the AI search functions, which have recently introduced Google and Openai, pioneering workers.
“Now Google may have to dance to realities. The startup has just started an ai-native web browser called Comet, which could represent this greatest shift in interaction with the Internet Since Netscape made the graphic web browser popular in the mid -1990s. ”
Oversighted
“Our optimistic view is that investors still do not completely appreciate the tidal wave of growth on the horizon in the next 3 years, which come from corporate and government spending on AI technology and applications.”
– Wedbush Securities tech analysts wrote in an industry note on Tuesday.
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