From Bank of America Merrill Lynch’s Michelle Meyer: “In addition to giving employee count, which is used to calculate nonfarm payrolls, firms will report earnings during their pay period. Nearly 60% of businesses participating will give such information, so the sample is smaller than for nonfarm payrolls. Firms typically pay their employees semi-monthly, monthly, bi-weekly or weekly, with bi-weekly payments being the most common arrangement (Chart 2).”
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