Nonfarm Payroll Employment Estimates Through November

Nonfarm payroll employment estimates thru November

Goldman Sachs, ADP implied, etc. Also Powell conjecture.

 

Figure 1:  Change in implied benchmark revision since January 2025 (bold black), Goldman Sachs 12/12 (pink), JOLTS implied (inverted green triangle), ADP implied (tan), Powell conjecture (light blue), and CPS employment series adjusted to NFP concept, smoothed population controls (red), all in 000’s. Source: BLS via FRED, BLS, ADP and author’s calculations, Paweł Skrzypczyński.

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