As informative as the nonfarm payroll employment numbers were, of even more interest to me are the revisions. Figure 1 depicts payroll employment estimates from the January (blue), February (red) and March (green) releases.
Figure 1: Nonfarm Payroll Employment, in thousands, seasonally adjusted. Source: BLS, various releases, via St. Louis Fed FRED II.
Note that while the household employment figures were still rising in March 2008, this series was also rising in as of 2001M03 (the beginning of the previous NBER-defined recession).
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