It’s a revision of 0.5%: Each year, the Current Employment Statistics (CES) survey employment estimates are benchmarked to comprehensive counts of employment for the month of March. These counts are derived from state unemployment insurance (UI) tax records that nearly all employers are required to file. For National CES employment series, the annual benchmark revisions over the last 10 years have averaged plus or minus one-tenth of one percent of total nonfarm employment. The preliminary estimate of the benchmark revision indicates an adjustment to March 2024 total nonfarm employment of -818,000 (-0.5 percent).
It’s funny how these revisions are constantly in the down direction.
That is not a small number. Fed might be behind the curve…
Wow. No one could have possibly seen this coming. LOFL.
* As part of its *preliminary annual benchmark revisions* to the nonfarm payroll numbers, the Bureau of Labor Statistics said the actual job growth was nearly 30% less than the initially reported
* The revision to the total payrolls level of -0.5% is the largest since 2009.
* At the sector level, the biggest downward revision came in professional and business services, where job growth was 358,000 less than initially reported.
And this is not even the last revision, it’s just the preliminary revision.
love all the tin-foil conspiracy clowns saying, “see, Biden and Kamala have been cooking the books!”
ah yes, that time tested strategy of ‘cooking the books’ and then announcing bad news during the middle of a very tight quasi-re-election campaign. Machiavellian.
Ouch. So how many of the years beats were misses?
This 818,000 revision is for the 12 months ending March 2024, and lends support to a decrease in the fed interest rate
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It’s a revision of 0.5%: Each year, the Current Employment Statistics (CES) survey employment estimates are benchmarked to comprehensive counts of employment for the month of March. These counts are derived from state unemployment insurance (UI) tax records that nearly all employers are required to file. For National CES employment series, the annual benchmark revisions over the last 10 years have averaged plus or minus one-tenth of one percent of total nonfarm employment. The preliminary estimate of the benchmark revision indicates an adjustment to March 2024 total nonfarm employment of -818,000 (-0.5 percent).
It’s funny how these revisions are constantly in the down direction.
That is not a small number. Fed might be behind the curve…
Wow. No one could have possibly seen this coming. LOFL.
* As part of its *preliminary annual benchmark revisions* to the nonfarm payroll numbers, the Bureau of Labor Statistics said the actual job growth was nearly 30% less than the initially reported
* The revision to the total payrolls level of -0.5% is the largest since 2009.
* At the sector level, the biggest downward revision came in professional and business services, where job growth was 358,000 less than initially reported.
And this is not even the last revision, it’s just the preliminary revision.
love all the tin-foil conspiracy clowns saying, “see, Biden and Kamala have been cooking the books!”
ah yes, that time tested strategy of ‘cooking the books’ and then announcing bad news during the middle of a very tight quasi-re-election campaign. Machiavellian.
Ouch. So how many of the years beats were misses?
This 818,000 revision is for the 12 months ending March 2024, and lends support to a decrease in the fed interest rate
Which repubs have been screaming for