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Just Released: Benchmark Revisions Paint a Brighter Picture of (Most of) the Regional Economy

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Abstract

Every March, the Bureau of Labor Statistics releases benchmark revisions of state and local payroll employment for the preceding two years. While employment data are released monthly for all 50 states and many metropolitan areas, the monthly figures are estimated based on a sample of firms. The annual revisions are based on an almost complete count of workers (now available up through mid-2014) from the records of the unemployment insurance system and re-estimated data for the remainder of the year. In this post, we briefly summarize the mixed but mostly stronger performance in the region in 2014 indicated by these employment revisions. We highlight the most pronounced changes across our District—highlighted by New York City’s even stronger-looking boom—using the percentage change in total employment from the fourth quarter of 2013 to the fourth quarter of 2014 as the metric.

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  • Jason Bram & James A. Orr, 2015. "Just Released: Benchmark Revisions Paint a Brighter Picture of (Most of) the Regional Economy," Liberty Street Economics 20150320, Federal Reserve Bank of New York.
  • Handle: RePEc:fip:fednls:87016
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    Keywords

    employment revisions; New York; New Jersey; Puerto Rico;
    All these keywords.

    JEL classification:

    • R1 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics

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