BLS and government data isn't as reliable as you might think

Managers are urged to look beyond government data, including statistics from the Bureau of Labor, to new - deeper and broader - data sources such as LinkedIn and corporation citizenship reports.

During the NAREIM Capital Raising & IR meeting in Chicago last week, Chief Economist for CCIM and Director of Research for Alabama University's ACRE program, KC Conway, said BLS data in particular was based on smaller sample sizes than most realized. Instead he highlighted other sources to start using:

  • New data sources to check out:

  • Monthly LinkedIn workforce reports on hiring, skills and migration

  • Public company global citizenship reports highlighting corporate social responsibility strategies, goals, programs and progress

  • Corporate earnings to understand the cap-ex investment by companies

  • Railroad traffic data, produced by the Association of American Railroads, has been a good predicator of recessions since WW2

  • Ball State University's logistics and manufacturing scorecard

  • Pay attention to economic retention policies to keep firms in regions - not just incentives to attract firms to new locations

Download the KC Conway presentation, here.

Economic presentation_NAREIM Capital Raising_2019_KC Conway

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