Nonfarm Payroll Employment: The Movie
Apr. 04, 2008 3:42 PM ET10 Comments
Menzie Chinn
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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).
More discussion here: [1], Calculated Risk, Angry Bear, Big Picture, WSJ RealTime Economics.
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Menzie David Chinn is a Professor of Public Affairs and Economics at the Robert M. La Follette School of Public Affairs, University of Wisconsin. He is co-author of Econbrowser (http://www.econbrowser.com/).