The January numbers are out. March 2019 levels revised down 514 thousand, vs. 501 in preliminary. December numbers revised down 422 thousand. My guess based on December estimates and the March 2019 preliminary benchmark, the actual reported numbers for December were higher by 79 thousand.
(Click on image to enlarge)
Figure 1: Nonfarm payroll employment from December 2019 release (bold blue), from January 2020 release (bold red), August 2019 preliminary benchmark revision for March 2019 NFP (dark blue square), implied NFP using Quarterly Census of Employment and Wages (QCEW) (bold green), household survey adjusted to nonfarm payroll employment concept (chartreuse), Chinn estimate of BLS benchmark revision using data available in January (pink) Source: BLS via FRED, BLS and author’s calculations.
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