Accelerating Deterioration In Manufacturing Employment, Post-“Liberation Day”
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ADP and BLS CES and QCEW data confirm:
Figure 1: Change since 2025M01 in manufacturing employment from BLS (blue), from implied preliminary benchmark (brown), in Powell conjecture prorated applied to implied preliminary benchmark (green), QCEW covered manufacturing seasonally adjusted using X-13 (in logs) by author (purple), and ADP (red), all in 000’s, s.a. Source: BLS via FRED, BLS, ADP, and author’s calculations.
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