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Employment reconciliation and nowcasting

Author

Listed:
  • Eiji Goto
  • Jan P.A.M. Jacobs
  • Tara M. Sinclair
  • Simon van Norden

Abstract

We construct a latent employment estimate for the United States, which both reconciles the information from separate payroll and household surveys and incorporates the preliminary data revision process of the payroll data. We find that our reconciled latent employment series looks somewhat different than the initial release of payroll employment and is closer to the fully revised data that is benchmarked to a near census of employment. A real‐time exercise, however, suggests that the reconciled employment estimate is remarkably similar to the initial release of payroll employment with near zero weight on the household survey information.

Suggested Citation

  • Eiji Goto & Jan P.A.M. Jacobs & Tara M. Sinclair & Simon van Norden, 2023. "Employment reconciliation and nowcasting," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 38(7), pages 1007-1017, November.
    • Handle: RePEc:wly:japmet:v:38:y:2023:i:7:p:1007-1017
    DOI: 10.1002/jae.2995
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    More about this item

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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