Did the BLS Overestimate the Number of U.S. Jobs Created by Over One Million Workers?

Former Global Chief Economist for JPMORGAN Chase & Ph.D. in Economics

Jan 16, 2023

∙ Paid

Maybe, but let’s not rush to judgment without reviewing the evidence.

Every February, the Bureau of Labor Statistics (BLS) releases historical annual benchmark revisions on nonfarm payroll employment. A research paper by the Philadelphia Federal Reserve hinted that the annual benchmark revisions from Q3:2021 to Q2:2022 could be revised down by -1.1 m…

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