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Payroll employment data: measuring the effects of annual benchmark revisions


  • Nicholas Haltom
  • Vanessa D. Mitchell
  • Ellis W. Tallman


During the recovery from the 2001 recession, the business press and economic analysts used payroll employment data released monthly by the U.S. Bureau of Labor Statistics (BLS) as evidence of protracted weakness in the labor market. But using these monthly releases for this type of analysis can be premature and potentially misleading. The initial BLS releases can differ substantially from payroll employment data that are revised to incorporate information from less timely but more complete sources. ; This article highlights the historical revisions to the aggregate nonfarm payroll employment series. Examining both monthly survey-based revisions and the more extensive annual benchmark revisions, the authors focus specifically on how the sequence of data revisions modifies payroll employment estimates from their initial release. The graphs in the article display the magnitude and direction of each revision from the initial estimate for a particular month to its currently published value, demonstrating that the largest portion of enduring change for the estimates occurs in the benchmark revisions. ; The authors then investigate empirically whether these revisions contain information that can be exploited to anticipate future revisions. The analysis shows that previous benchmark data revisions are useful for explaining the variation in subsequent payroll employment benchmark data. Such information, the authors note, could prove useful for further research aimed at modeling better real-time estimates of employment conditions.

Suggested Citation

  • Nicholas Haltom & Vanessa D. Mitchell & Ellis W. Tallman, 2005. "Payroll employment data: measuring the effects of annual benchmark revisions," Economic Review, Federal Reserve Bank of Atlanta, issue Q 2, pages 1-23.
  • Handle: RePEc:fip:fedaer:y:2005:i:q2:p:1-23:n:v.90no.2

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    References listed on IDEAS

    1. Stacey L. Schreft & Aarti Singh, 2003. "A closer look at jobless recoveries," Economic Review, Federal Reserve Bank of Kansas City, issue Q II, pages 45-73.
    2. Chinhui Juhn & Simon M. Potter, 1999. "Explaining the recent divergence in payroll and household employment growth," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 5(Dec).
    3. Kitchen, John, 2003. "A Note on the Observed Downward Bias in Real-Time Estimates of Payroll Jobs Growth in Early Expansions," MPRA Paper 21070, University Library of Munich, Germany.
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    Cited by:

    1. Markku Lanne, 2009. "Properties of Market-Based and Survey Macroeconomic Forecasts for Different Data Releases," Economics Bulletin, AccessEcon, vol. 29(3), pages 2231-2240.
    2. repec:mes:challe:v:57:y:2014:i:6:p:34-45 is not listed on IDEAS
    3. Marcelle Chauvet & Jeremy Piger, 2013. "Employment And The Business Cycle," Manchester School, University of Manchester, vol. 81, pages 16-42, October.
    4. Phillips, Keith R. & Nordlund, James, 2012. "The efficiency of the benchmark revisions to the current employment statistics (CES) data," Economics Letters, Elsevier, vol. 115(3), pages 431-434.

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    Employment (Economic theory);


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