2024-09-03 22:35
Data revisions like the 818,000 downward payroll revision reflect a commitment to quality, not a conspiracy or sloppy work. The BLS used tax records from state unemployment insurance agencies for a more comprehensive employment count, instead of relying solely on business surveys. This approach is less costly and more practical than a mandatory monthly census. Blending survey and administrative data is an advantage, not a shortcoming.
Source: Claudia Sahm, Bloomberg