Economic Indicators

Updated data points to less sharp, but still negative US nonfarm payrolls benchmark revision

2024.12.05 14:40

WASHINGTON (Reuters) – Annual benchmark revisions to U.S. nonfarm payrolls are likely to show the economy added about 668,000 fewer jobs in the 12 months through March, instead of the initially estimated 818,000, updated data suggested on Thursday.

The Labor Department’s Bureau of Labor Statistics updated the Quarterly Census of Employment and Wages (QCEW) data for the first quarter from which it based the payrolls benchmark revision. Once a year, the BLS compares its nonfarm payrolls data, based on monthly surveys of a sample of employers, with a much more complete database of unemployment insurance tax records.

© Reuters. FILE PHOTO: A

A final benchmark revision will be released in February along with the BLS’ report on employment for January. Government statisticians will use the final benchmark count to revise payroll data for months both prior to and after March.

“Today’s revision extends the systematic pattern of upward revision to initial QCEW estimates seen since the pandemic,” said Jonathan Millar, a senior economist at Barclays (LON:). “This, in part, reflects low initial response rates for the QCEW, which have drifted downward in recent years.”



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 86,549.19 2.55%
ethereum
Ethereum (ETH) $ 2,397.87 0.72%
tether
Tether (USDT) $ 0.999257 0.05%
xrp
XRP (XRP) $ 2.22 0.47%
bnb
BNB (BNB) $ 612.03 0.04%
solana
Solana (SOL) $ 135.30 2.37%
usd-coin
USDC (USDC) $ 1.00 0.01%
dogecoin
Dogecoin (DOGE) $ 0.203729 1.12%
cardano
Cardano (ADA) $ 0.660435 0.78%
staked-ether
Lido Staked Ether (STETH) $ 2,395.72 0.48%
tron
TRON (TRX) $ 0.226739 1.32%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 86,693.23 2.42%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,882.75 0.04%
chainlink
Chainlink (LINK) $ 15.10 2.22%
litecoin
Litecoin (LTC) $ 121.65 9.13%
sui
Sui (SUI) $ 2.92 3.60%
avalanche-2
Avalanche (AVAX) $ 21.68 2.32%
stellar
Stellar (XLM) $ 0.286703 1.52%
the-open-network
Toncoin (TON) $ 3.49 0.72%
shiba-inu
Shiba Inu (SHIB) $ 0.000014 1.41%
leo-token
LEO Token (LEO) $ 8.97 0.08%
hedera-hashgraph
Hedera (HBAR) $ 0.191368 2.56%
usds
USDS (USDS) $ 1.00 0.01%
polkadot
Polkadot (DOT) $ 4.72 6.60%
mantra-dao
MANTRA (OM) $ 7.40 4.01%
weth
WETH (WETH) $ 2,403.71 0.47%
hyperliquid
Hyperliquid (HYPE) $ 19.53 2.15%
ethena-usde
Ethena USDe (USDE) $ 0.999462 0.03%
bitcoin-cash
Bitcoin Cash (BCH) $ 289.68 2.05%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,545.57 0.62%
uniswap
Uniswap (UNI) $ 7.95 1.28%
bitget-token
Bitget Token (BGB) $ 3.78 11.20%
monero
Monero (XMR) $ 217.68 1.85%
whitebit
WhiteBIT Coin (WBT) $ 26.50 1.87%
near
NEAR Protocol (NEAR) $ 2.98 2.38%
pepe
Pepe (PEPE) $ 0.000008 2.26%
aptos
Aptos (APT) $ 5.56 2.65%
dai
Dai (DAI) $ 0.999475 0.04%
internet-computer
Internet Computer (ICP) $ 6.38 3.72%
aave
Aave (AAVE) $ 202.67 2.30%
bittensor
Bittensor (TAO) $ 359.73 1.99%
ondo-finance
Ondo (ONDO) $ 0.954923 1.11%
susds
sUSDS (SUSDS) $ 1.04 0.02%
ethereum-classic
Ethereum Classic (ETC) $ 18.61 1.55%
okb
OKB (OKB) $ 45.21 0.96%
gatechain-token
Gate (GT) $ 21.51 2.86%
mantle
Mantle (MNT) $ 0.769993 2.20%
official-trump
Official Trump (TRUMP) $ 12.76 2.85%
tokenize-xchange
Tokenize Xchange (TKX) $ 31.99 3.16%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 86,697.23 2.39%