One of the key components of the monthly jobs report, the establishment survey, is highly regarded among economists for its accuracy and reliability. In contrast, the household survey, which offers more detailed demographic information and helps calculate the unemployment rate, is often viewed as more volatile due to its smaller sample size and decreasing response rates.
The Bureau of Labor Statistics (BLS) has announced plans to reduce the size of the household survey by 5,000 households, bringing the total to 55,000 starting in 2025. This decision was confirmed by the BLS commissioner during a recent meeting, citing challenges such as declining response rates and increasing collection costs.
