AND LOOK! We Just Got 128,000 More Jobs Than We Thought We Had

Happy

In addition to the good news on initial claims and GDP, the BLS just came out with its latest “benchmark revisions”, a regular attempt to recalibrate the jobless models.

Turns out, America is more employed than we thought.

————-

In accordance with usual practice, the Bureau of labour Statistics (BLS) is announcing the preliminary estimate of the upcoming annual benchmark revision to the establishment survey employment series.  The final benchmark revision will be issued on February 3, 2012, with the publication of the January 2012 Employment Situation news release.

Each year, the Current Employment Statistics (CES) survey employment estimates are benchmarked to comprehensive counts of employment for the month of March. These counts are derived from state unemployment insurance (UI) tax records that nearly all employers are required to file.  For national CES employment series, the annual benchmark revisions over the last 10 years have averaged plus or minus three-tenths of one per cent of total nonfarm employment. The preliminary estimate of the benchmark revision indicates an upward adjustment to March 2011 total nonfarm employment of 192,000 (0.1 per cent).

Table 1 shows the March 2011 preliminary benchmark revisions by major industry sector. As is typically the case, many of the individual industry series show larger percentage revisions than the total nonfarm series, primarily because statistical sampling error is greater at more detailed levels than at a total level.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.


Tagged In

economy moneygame-us