Billionaire investor Mark Cuban is pushing back against venture capitalist Chamath Palihapitiya’s proposal to overhaul the Bureau of Labor Statistics’ non-farm payrolls (NFP) report, calling out its impracticality.
What Happened: On Sunday, in a post on X, Cuban replied to Palihapitiya’s plan for fundamentally altering the way the Bureau of Labor Statistics collects and reports non-farm payroll data.
“Non-Farm Payrolls are total garbage,” Palihapitiya said, noting the number of revisions that have taken place “in both directions” over the years, while making his case that the Bureau wasn’t so much “conspiratorial” as it was “inadequate” for a dynamic economy like the United States.
See Also: Fed Stays Put On Rates, But Jobs Report Signals It May Regret It: This Week In Markets
“There needs to be a new, oracle-like data provider for this critical information,” Palihapitiya said, while arguing …