The Fed’s two primary goals when setting monetary policy are price stability and maximum stable employment, and a lack of reliable information on the gig economy labor force may be handicapping the central bank, said Groshen, who was a member of the Federal Reserve System for 27 years.
The lack of quality data also impacts the broader economy in another way: It prevents the Federal Reserve from getting a complete picture of America’s workforce. The Fed’s two primary goals when setting monetary policy are price stability and maximum stable employment, and a lack of reliable information on the gig economy labor force may be handicapping the central bank, said Groshen, who was a member of the Federal Reserve System for 27 years.