Bank of America CEO Comments on Employment Data
During an interview on Sunday, Brian Moynihan, the CEO of Bank of America, expressed optimism that government employment data would improve. However, he attributed the dismissal of the director of the Bureau of Labor Statistics, following a disappointing employment report, to political motives.
Moynihan discussed this during his appearance on CBS News, where he was asked about potential political pressure related to the firing of the BLS commissioner. “I think it’s largely about politics,” he stated, noting a decrease in response rates for data collection which impacts the accuracy of monthly employment reports.
“It’s 2025, and we should be able to gather this data efficiently. Surveys are not as effective as they used to be,” he explained. According to him, the response rate has dropped significantly, affecting the reliability of reports.
Moynihan also mentioned that Bank of America avoids using surveys for labor market data, opting instead to analyze actual consumer and business activities. He believes that there are better methods available for obtaining employment data. “The focus should be on how to make the information more resilient and understandable,” he suggested.
The Bureau of Labor Statistics released its employment report for July, showing an addition of 73,000 jobs to the economy. Additionally, there were significant downward revisions for the previous two months; Goldman Sachs economists pointed out that this was the largest revision for those months, barring a recession.
In response to criticisms, former President Donald Trump has indicated that he directed the firing of BLS commissioner Erica Mantelfer. He alleges that she manipulated employment figures for political gain, particularly as the presidential election approaches.
Trump described the employment numbers provided by Mantelfer as “the biggest miscalculation in over 50 years,” emphasizing the need for accuracy in reporting. He pledged that his administration would soon announce a new BLS commissioner.
As the debate over employment data continues, the potential for political influence on such figures remains a point of contention.
