Friday, September 6, 2013

How Big Were the Payroll Revisions this Month?

The news today was filled with hyperbolic reports of how bad the revisions to payroll growth have been.  Below, Corrections depicts nonfarm payrolls from April 2012-August 2013 with and without August revisions (click to enlarge).
 Below, we offer a more blown up view (click to enlarge).
The revisions represented about half a month's loss in payroll employment growth.  Unfortunate, but not the steep revisions many news reports suggested.

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