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| Economy |
| BLS report on employment: Not bad, interesting adjustments |
| 2024-03-08 |
Total nonfarm payroll employment rose by 275,000 in February, and the unemployment rate increased to 3.9 percent, the U.S. Bureau of Labor Statistics reported today... In February, average hourly earnings for all employees on private nonfarm payrolls edged up by 5 cents to $34.57, following an increase of 18 cents in January. ... In February, the average workweek for all employees on private nonfarm payrolls edged up by 0.1 hour to 34.3 hours, following a decline of 0.2 hour in January. The change in total nonfarm payroll employment for December was revised down by 43,000, from +333,000 to +290,000, and the change for January was revised down by 124,000, from +353,000 to +229,000. With these revisions, employment in December and January combined is 167,000 lower than previously reported. ------------------- The unemployment rate moved in the opposite direction from the jobs report. That is because the former is based on household survey, the latter on payroll reports. The downward revisions in payroll this month follow 2023 when there were a lot of these. The BLS can only do so much with several states changing laws regarding who is a payroll employee and who is a contractor as well as problems with counting non citizens with work permits. |
| Posted by:lord garth |
| #1 Soon to be revised downward (a LOT) in a 4th paragraph of a report in June |
| Posted by: Frank G 2024-03-08 11:18 |