The decision by payroll processor ADP to suspend the Federal Reserve's access to employment data is a minor story in the scheme of things. But it shows why government-produced economic data is so essential.

The big picture: There has been an explosion in recent years in private sector data that sheds light on how the economy is evolving, and much of it is terrific. But there's ultimately no replacement for the government's might in collecting data from all corners of a $30 trillion economy. • Private firms will always have data limitations and conflicting goals that mean you can't rely on them to produce data that's maximally reliable, consistent over long periods of time, and available to everyone making economic decisions.

Catch up quick: For years, ADP has granted the Fed access to

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