Molly Smith is the team leader of U.S. legal news for Bloomberg. She’s just back from a three-month stint editing Japanese economic news. Before that, she covered the US economy for five years, including federal statistical agencies. It’s this coverage that the ASA recognized when it named her one of two winners of the 2026 Award for Excellence in Statistical Reporting. Smith was chosen “for championing credible, objective, accurate, and timely federal statistics and bringing attention to the threats to federal statistics.” Smith’s been working full-time at Bloomberg since 2016.
Episode Description
The federal government generates a lot of data, produced by agencies such as the Bureau of Labor Statistics and the Census Bureau. These data inform the decisions leaders make that shape our lives. Covering these agencies and their statistics is no easy task. A Bloomberg journalist was recognized this year for her excellence in reporting on these data, and that’s the focus of this episode of Stats and Stories with guest Molly Smith.
Full Transcript
Rosemary Pennington
The federal government generates a lot of data, produced by agencies such as the Bureau of Labor Statistics and the Census Bureau. These data inform the decisions leaders make that shape our lives. Covering these agencies and their statistics is no easy task. A Bloomberg journalist was recognized this year for her excellence in reporting on these data, and that’s the focus of this episode of Stats and Stories with guest Molly Smith.
Molly Smith is the team leader of U.S. legal news for Bloomberg. She’s just back from a three-month stint editing Japanese economic news. Smith’s been working full-time at Bloomberg since 2016. Among her coverage areas are the federal statistical agencies. It’s this coverage that the ASA recognized when it named her one of two winners of the 2026 Award for Excellence in Statistical Reporting. Smith was chosen “for championing credible, objective, accurate, and timely federal statistics and bringing attention to the threats to federal statistics.”
Molly, thank you so much for joining us today, and congratulations.
Molly Smith
Thank you so much. Appreciate being here, Rosemary.
Rosemary Pennington
How did— I was just going to ask, how did federal statistics become a beat for you?
Molly Smith
Well, it really wasn’t one. I was covering the U.S. economy for the last five years at Bloomberg, hence why I did a three-month stint in Japan covering the Japanese economy, and now I’ve just come home to a new job as the team leader of U.S. legal news.
But when I was covering the U.S. economy for five years, I was mostly acting as an editor and looking at stories having to do with indicators. So, like, when the jobs report, inflation reports, anything out—anything else, sorry—comes out on the economy, that was all in our coverage area, as well as doing enterprise stories, largely based off of that data.
And then it was about two years ago that there was a notice that we learned that the Bureau of Labor Statistics was considering reducing the sample size of the household survey that goes into the jobs report. And this was, I think, at the time, a little under the radar. It came out as, like, a bit of quiet news that the then commissioner had said at a quarterly statistical industry meeting, and we thankfully had a reporter in the room and covered it at the time.
And it kind of just sent me down this whole rabbit hole of the fact that statistics cost money to produce, that data isn’t just there, which a lot of us probably take for granted. And it made me just really look into all of these different efforts that go into producing statistics and the people who are trying to protect that.
And it just really became a passion project of mine, and that turned into many, many more stories from there.
John Bailer
Yeah. So, Rosemary, you stole my question. I mean, it was—but it was such a great question. So that’s a perfect place to start.
So you started as part of covering the U.S. economy, Molly, with essentially being a consumer of some of these products, some of these data products that the government produced. And then this transition occurs where you’re starting to actually have your beat focused on that.
What was different about sort of transitioning from the kind of consumption and economic stories from it to then actually monitoring and telling the stories about the federal system?
Molly Smith
Well, I don’t know if it was so much a transition as an addition. I kind of just took on another job while doing my existing one.
I am technically an editor at Bloomberg, but I also like to report when I’m able to, and I really took this on as my own and developed a lot of sourcing in this area.
So, really, when I was acting as a reporter, it would be about the statistical infrastructure in the U.S., as well as data integrity. Whereas my editing duties were more reserved for, like, you know, the economy at large.
And it was really interesting because we, again, really more just always looked at the data that comes out of these agencies rather than the agencies themselves. They tend to be pretty sleepy, you know, when everything’s going well. I can’t say that otherwise the BLS was ever a, quote, “sexy” topic. It was never meant to really be a beat because it was pretty much functioning as it should.
Of course, with, you know, a lot of these stressors going on, but largely in the background until they weren’t. So it really was interesting to see it all come out much more loudly than it ever had and into the public eye.
And, you know, what—I need to apologize for really just referring to this as the BLS. It did certainly start that way, but it is really more endemic of the statistical system at large. And as there are, you know, 13 principal statistical agencies throughout the government, they all deal with issues very similar to this in some shape or size.
John Bailer
So, what are some of the challenges of telling stories about the federal statistical systems?
Molly Smith
I think the question I get so much from readers is, “Can we still trust the data?” And it’s very hard to write about this without sounding unnecessary alarms.
There are certainly a lot of things to be worried about, and these aren’t issues to, you know, just turn the other shoulder at. There are real funding challenges. There are real issues with response rates. There are real concerns about political interference. Like, that all is very much alive and real.
But how much of that is actually showing up in the numbers or distorting them in any way? That’s a whole other issue.
And I think, you know, what I’ve learned really from covering this topic is that the people who work in the federal statistical system are incredibly dedicated to their work and very, very passionate about the mission of what they do.
These are people who tend to have pretty advanced statistical degrees. They could certainly work in the private sector for a lot more money than what they’re earning in government. But they do this job because they care so deeply about these statistics and that they do serve a public good.
So I think there is a real belief that if there was something going on that really needed to be called to the public’s attention, there is a very strong belief that the people inside would not stay quiet.
Rosemary Pennington
So you mentioned that you were serving as an editor with some of this economic reporting, but something made you shift and realize covering these statistical agencies was something that needed to be done.
Could you talk through what it was you were seeing that made you realize that this wasn’t—this was no longer just a source of data, but this is actually a source of stories for Bloomberg and stories that the American public needed to know about?
Molly Smith
You know, I got to talking to so many people who I never otherwise would have encountered in just covering the economy, which largely deals with talking to economists, you know, people who work at Wall Street firms who are, you know, writing about the data day to day, also in academia and think tanks for more thematic research.
But I was never really talking to people within the system who are looking at more issues of data science and data collection and how surveys are designed. You know, that’s, like, very quirky and something completely different than covering the economy itself.
And the more that I talked to people who had some involvement in the system, whether they currently work in it or formerly did, or work in associations like the ASA who are in something that’s more related to advocacy, it was just very clearly its own topic.
And the passion was so clear, talking to all of these people who I’ve affectionately called “data nerds” throughout my reporting, and I know no one will take offense to that. We’ve had many conversations about this. Stats geeks, whatever you want to go by.
And it really was deserving of its own coverage area. And I’m really very thankful for all the people who took the time to speak with me, who explained some of these topics that can be quite wonky, and really just speaking me—talking me through it—and helping me understand why it is so significant.
John Bailer
You know, in your one article that—we read a number of the articles just sort of in preparing for our conversation—but “America’s statistical system is breaking down.” That was a January 2026 piece, and you’re talking about canceled surveys and missing data sets and staffing cuts.
Could you give us just a quick summary of kind of why these lead to a breakdown, and why we should worry about a breakdown of the systems?
Molly Smith
I think, you know, the system is, again, so much of this is largely predicated on the assumption that everything just works.
And to hear that so many of these issues, John, like you just raised—like, response rates have been on a downward trend for a number of years. That is not a problem unique to the U.S. by any means.
Budgets for these surveys have barely, or really have not, kept pace with inflation whatsoever. And for the agencies, again, beyond the BLS, this is not unique to them whatsoever.
Staffing constraints have also really now become such a huge issue, particularly with this administration. And again, that’s symptomatic of the entire federal government right now. Hardly unique to the statistical system.
What is more unique within this administration, though, is the cuts to a lot of these programs, and specifically to unique surveys, particularly ones that don’t seem to fit the administration’s political priorities. And that has raised a lot more concerns about interference coming from the executive branch.
And there are a lot of advocates who I’ve spoken to about this. That, you know, there is a real sense that something deeper is going on right now. That this isn’t just a continuation of some of these problems that the system has been enduring for a number of years, that this is a very pivotal point right now, especially because of how many resources have been cut as a result of this administration.
So I know that’s something that ASA, of course, is monitoring very closely, and the reports that the association has done have been really a leading source of data on all this because it is very hard to get in touch with people on the inside and to get a lot of these numbers directly.
So it is—it seems to be a bit of an inflection point right now.
Rosemary Pennington
You’re listening to Stats and Stories, and we’re talking with Bloomberg journalist Molly Smith, one of the winners of the 2026 ASA Award for Excellence in Statistical Reporting.
So you mentioned, Molly, that, you know, this wasn’t really a beat until it suddenly was for you. How did you build your network of sources to be able to do this work?
Molly Smith
Gosh, I’d have to think back. Try to think who I even first would have spoken with on this.
I’m sure Erica Groshen was up there. She’s always, thankfully, very generous with her time—not just with me, but with really a lot of reporters who are interested in this topic.
And I think, you know, you find one person who is passionate about this, and it really has a way of snowballing from there.
It is a tight community of people in this world, and everyone seems to be connected in some way or another. Whether they all worked at one of the same agencies at some point in the past, or have, you know, maybe they’re now at some organization on the outside together, but it really is a very well-knit system of people.
And went to a lot of conferences to meet people as well. Really, just embracing nerding out, I would say, and just, like, fully immersing in this.
And I think what I found, though, like, probably the most interesting—since, admittedly, sometimes you can really just get sucked into talking to this community of data nerds, and again, wonderful people—they absolutely know their stuff.
But I would always push myself to try to talk to people outside of that classification to try to understand who are the real data users, because those are really more the people who can tell you why this matters and how this matters in real life.
Which is, of course, how we’re always trying to get to the bottom of things. And, you know, getting to talk to some people who are involved in urban planning, like, that was always very interesting for me to have those conversations to learn.
For example, like, how the American Community Survey is used when developing—God, it could be anything, you know—nursing homes or certain kinds of retail centers, apartment complexes. This is all data that’s very relied upon for people in that kind of field.
And to hear them talk about the struggles that they had in making investments in their local communities because response rates, as you narrow down, get even lower when you’re looking at, you know, down to the ZIP code level.
And you could have confidence intervals swinging widely and numbers really varying by a lot, and it’s hard to then determine how much investment is a project really going to need? What is our actual target market? How many people would actually be coming to a facility like this?
And you could understand the challenges up close, and that really made it much more relatable to real people.
John Bailer
Yeah, I’m really glad that you mentioned the data users and getting their perspective.
I’m curious if the data users are now responding, saying, “Hey, wait, wait, wait! Don’t you know? Let’s invest in this. This is the infrastructure that we’re using for helping make decisions.”
So, has there been any kind of feedback to the federal government and to the funding—the funding of such agencies—from this larger data community?
Molly Smith
I mean, this is where it’s very challenging because you could say, conceivably, there are so many groups that obviously have a vested interest in making this data the best that it could be.
You know, financial markets certainly would be, like, one of the obvious ones as far as, like, bigger wallets to go around.
The challenge, though, is that this is a public good, and that means that it is federally effunded. That this is not something that’s in the private sector, and that the government can’t just, like, take donations from just anybody with no strings attached and just say, “Thank you very much, and we’re just going to use this money and make the system work the way it should.”
It would be great if it could work that way, but that’s just not reality.
John Bailer
You know, that this idea of it is a public good, and, you know, that part of that public good goes—is reflected in the fact that when people trust it as being this gold standard of information that’s measuring our economy and measuring our people.
I think a lot about the idea of the independence of these organizations. That’s one of those fundamental principles in official statistics: that these organizations have to be independent of the political environments in which they serve.
And we’ve seen—we’ve certainly seen some challenges with that in Greece and in Argentina over the years.
What’s your concern about the trajectory of this as we move into the future?
Molly Smithfe
Well, I think right now the big concern, of course, to that notion was about a year ago now when Trump had fired the head of the Bureau of Labor Statistics after a bad jobs report, and that really got the community up in arms.
And it was very concerning to see, like, you know, was this a legitimate firing? And it is legal. Just to put that out there for the record, that the BLS commissioner is under a different standard for what their employment is.
You know, unlike somebody like at the Fed, which would have to be fired for cause, the BLS commissioner does not have that stipulation.
So that was a huge concern last year, and especially throughout the process to getting a new commissioner, which was recently just confirmed, I believe, just last week.
But it took a while to get there, and there was a lot of concern with the first nominee, who was ultimately pulled, who got a lot of criticism from both right- and left-leaning economists.
And this also then really opened me up to really see where the ideologies among economists can even differ so sharply, that, you know, these people are not politicians. You don’t refer to an economist as Republican or Democrat, but there are certainly leanings in how they assess the economy, how they assess policy.
And those colors really came through throughout this process.
But it was very—I think for the system, people were—it was very interesting to see that both the right and left were pretty unified in their concerns about the initial nominee for the head of the BLS, who, again, the nominee was pulled.
And it set off a whole other search, and now we do have somebody confirmed and in place in Brett Matsumoto.
And it’s not to say that, you know, the concerns are all abated. I think there are still lingering worries out there, but at least for now, Matsumoto seems to have the confidence of the broader community in him, at least from, like, a political point of view, perhaps.
And still, I think a lot of this still remains to be seen. You know, we still haven’t seen how the BLS is going to function under his leadership.
There are still a lot of gaping holes in other agencies. You know, Census has been without a full-time director for—it has been like a year plus now, I believe, since Santos resigned.
So there’s still a lot out there that has yet to be tested, and I think it’s probably too soon to say that people are breathing easy on those concerns.
Rosemary Pennington
So you mentioned earlier that some of this, when this was happening, might have kind of flown under the American radar for the public.
And I wonder, given sort of your work on this thus far and what you’ve been seeing, if there’s another story related to the statistical system that you think all of us should be paying closer attention to.
Molly Smith
I think the real worry that people have is, how do the agencies ultimately rebuild in a world that is post-Trump?
Even if there is a—you know, if there is another Republican in office in the next term, this is just such a massive gutting of the federal government, and how do you come back from that?
And understandably, there are a lot of other government functions that probably would take priority over the statistical system. So there really is no quick fix to any of this.
I think, though, that, you know, for people who are trying to see where there is opportunity in what’s happened, that they’re probably—I think, you know, anybody would say, like, sure, it is all—we always want to evaluate how the system is functioning.
Are there ways that it can be more efficient? Do we need all of the surveys and products that we currently service? Are these all really necessary?
I don’t think anybody would object to having a real questioning over that, and that if this moment provides that opportunity for some internal evaluation, then that’s not a bad thing.
But if you do then come to the conclusion that you do need to restore so much of what has been lost, it’s going to be a very long and hard road to get back there.
John Bailer
You know, I often think about when we see reports on what these agencies release as products, that there’s a function where you’re getting estimates, and these estimates have variability and they have uncertainty.
And part of the story is, you know, you can get things quickly, but they may have more variability. You know, and then that’s why you have these updates where things have been enhanced, perhaps with more information as it’s come in.
How do you report on the kind of uncertainty and variability in a way that contextualizes what’s being produced, but doesn’t say it’s not valid?
Molly Smith
It was really interesting to see that. I mean, ultimately, I think it really was the firing of Erika McIntar for that made the idea of data revisions being a political subject.
They never were before. I think they were largely just accepted by the statistical community, as well as the economic community, that this is a necessary part of data analysis, and that is a widely known trade-off between speed and accuracy.
And that we could have a jobs report that is, you know, one month, two months, three months later than what we currently get, which is the first Friday of the following month of the reference period.
But nobody wants to wait that long, and if that is what you realize—that the speed is more the demand—then you’re going to have to accept that revisions come with that.
And unfortunately, as we’ve seen response rates go down, it’s just really going to be an inevitable side effect that revisions are going to get larger when you’re only collecting, you know, on average, roughly 50%, sometimes maybe less, of the sample in the first go-around.
That means half of the respondents have not come in yet, and as they do come in in that second and third questioning, it should be no surprise then that the numbers can swing wildly sometimes.
You know, this is what statisticians do when they initially get the results. They’re trying to decide what is consensus and what is an outlier.
But when you only have, you know, the limited proportion of responses that they’re initially working with, it may not be that what you decided was an outlier is actually the case.
It could very well be that more responses come in, and that outlier is actually much more the consensus.
So that’s the trade-off that happens, and it’s, again, like, unless there’s really something done to stem the tide in response rates, it’s hard to see how revisions are going to get smaller and also sustainably smaller over time.
Rosemary Pennington
Well, that’s all the time we have for this episode of Stats and Stories. Molly, thank you so much for joining us today, and congratulations again on your recognition.
Molly Smith
Thank you so much.
Rosemary Pennington
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