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This is the Bloomberg Surveillance Podcasts,

I'm Jonathan Ferro, along with Lisa Abramwitz and Anne-Marie Hordern.

Join us each day for insight from the best in markets, economics and geopolitics.

From our global headquarters in New York City, we are live on Bloomberg Television weekday mornings from 6 to 9 a.m.

Eastern. Subscribe to the podcast on Apple, Spotify or anywhere else you listen. And as always, on the Bloomberg Terminal and the Bloomberg Business App.

So here's the latest this morning.

Friday's payrolls report postponed as the government shutdown drags on.

Steve Englander of Standard Chartered writing the US data quality has become, quote,

more falls gold than the gold standard.

We expect the uncertain quality of the data to become the bigger issue than statistical agencies and the Fed have so far acknowledged.

Steve joins us now for more. Steve, good morning.

Hey, good morning. Tell us what you really think. What's going on here?

Look, you know, it's become so common to say that the US data is the gold standard, and

they may be compared to everything else, but there's so many holes in the data that haven't been addressed.

And I'd say that, you know, BLS is not political in the sense that Trump accused them of being.

But they've been kind of intellectually lazy over the last decade.

What's making them intellectually lazy?

You're suggesting it's not just response rates.

What is it?

Well, you look at the birth death adjustment, which is basically more than half the employment growth we've been getting.

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