Data to Measure U.S. GDP Is `Flawed,' Abby Josef Cohen Says

Abby Joseph Cohen discusses the challenges in accurately measuring the modern economy, particularly in the service and manufacturing sectors. She highlights the limitations of current statistical methods and the impact of technology on productivity and GDP growth. Cohen also addresses the Federal Reserve's awareness of data flaws and the need for improved data collection, especially in multinational trade.

What is the significance of the Commerce Department's role in economic data collection?

What impact do newer technologies have on productivity and GDP growth according to the text?