Economic Data Could Be Miss Leading

"Don't believe the hype" - Public Enemy

It seems that every week there is some sort of government economic data that is released. Many of the major news outlets focus on each piece of data, as if it was the beginning or ending of the world.

What I am wondering is the data truly accurate? Data is accumulation from surveys. The accuracy of the economic reports we see lies heavily in the data.  Recently, the JOLT report came out, which is job openings and labor turnover survey. The Federal Reserve, uses this to make decisions about interest rates. Low response to the surveys can cause the Federal Reserve to be misled, especially when raising interest rates.  

The Federal Reserve’s data they are using is most likely in accurate. With a low participation rate in surveys along with other government agencies that compile economic data, we all could be misled.  

I personally believe that what we see from these economic data points is not truly representing what is happening in our US economy as well as the global economy. If you consider the number of bankruptcies, credit card delinquency rates and default rates, it becomes obvious that individuals and families as well as corporations are under financial stress. Yet the Federal Reserve intends to continues to raise federal funds rate.