Ray Dalio said he likely would have fired the BLS head as well.
Updated Aug 13, 2025, 6:43 p.m. Published Aug 13, 2025, 6:40 p.m.
Donald Trump’s dismissal two weeks ago Bureau of Labor Statistics Commissioner Erika McEntarfer and nomination of EJ Antoni as her replacement is generating plenty of “inside baseball” chatter among the political class.
But did the president — as uncouth and ham-handed as his methods are — stumble upon a truth that was hiding in plain sight: that the government economic data relied upon by markets and business leaders for the allocation of hundreds of billions in capital just isn’t very accurate?
“I probably would have fired the head of the Bureau of Labor Statistics too,” wrote Ray Dalio, founder and now former CEO of hedge fund giant Bridgewater. “Its process for making estimates is obviously obsolete and error-prone, and there is no good plan in the works for fixing it,” he continued.
Dalio noted that the massive downward revisions in May and June employment data included with the July report were “symptomatic” of the rot within the BLS. Private estimates, said Dalio, were far better. “I know a lot about because of how I use data to follow the economy and bet on where it’s going,” he said.
Trump’s nominated replacement atop the BLS, EJ Antoni, has called the agency’s data “BS” and earlier this week suggested suspending monthly employment reports in favor of quarterly releases until improvements can be made.
The BLS produces not just employment data, but also the Consumer Price Index, which for many years has faced criticism from all quarters for not accurately describing the inflation pressure felt by Americans.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
James Van Straten
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin’s role within the broader financial system.
In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin and Strategy (MSTR).
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What to know:
- ATOM-USD traded between $4.49 and $4.91 over the 24-hour period, with volume spiking to 5.62M units—322% above average—signaling intense market activity and possible capitulation during a sharp midday selloff to $4.53.
- Buyers stepped in post-selloff to establish a firm support base near $4.60, stabilizing prices and restoring confidence in the Cosmos ecosystem.
- The asset consolidated between $4.59–$4.62 during the recovery phase, with $4.60 as critical support and $4.91 remaining the main resistance target.