Investor Ray Dalio mentioned on Monday he, too, would probably have fired the commissioner of the Bureau of Labor Statistics as a result of he “believes the data is not good”, however urged U.S. President Donald Trump to reveal the reasoning behind her removing, News.az reviews citing BBC.
In a put up on social media platform X, Dalio – founding father of hedge fund Bridgewater Associates – mentioned leaders “manipulating numbers” to go well with their political targets may very well be a giant drawback, echoing rising concern across the high quality of financial knowledge.
Trump fired Bureau of Labor Statistics Commissioner Erika McEntarfer final week, accusing her of rigging the roles figures, however didn’t present proof of the alleged manipulation.
“It would be good if President Trump made his thinking clear,” Dalio mentioned.
Critics have warned Trump’s transfer might erode belief in official U.S. financial knowledge, with J.P.Morgan’s chief U.S. economist Michael Feroli saying the dangers of politicizing the information assortment course of shouldn’t be neglected.
Trump mentioned on Sunday he would announce a brand new BLS commissioner inside three or 4 days.
Dalio mentioned the tactic of calculating estimates for employment numbers was “obsolete and error-prone” and referred to as for large modifications to the best way authorities assesses what’s going on with the financial system.
“The huge revisions in Friday’s employment numbers are symptomatic of this, especially because the revisions brought the numbers toward private estimates that were in fact much better,” he mentioned in his put up.
Dalio handed over management of Bridgewater to a brand new technology of buyers in 2022 and has offered his remaining stake within the agency.
