in_the_media
Philadelphia Inquirer - July 8, 2010
Posted Jul 8, 2010 -- webcomm
Media Outlet:
Philadelphia Inquirer
U.S. economic statistics are the best in the world, economists contend, but they are imperfect because they have not evolved as quickly as the economy. "We still spend too much [money] collecting manufacturing and agricultural data, the old backbone of the economy," said William C. Dunkelberg, professor of economics at Temple. For example, the industry-classification system government agencies use to collect data includes 10,538 categories for manufacturing, 53 percent of the total. However, manufacturing accounted for just 11 percent of gross domestic product and 9 percent of total employment.