{"id":34517,"date":"2025-09-21T06:53:09","date_gmt":"2025-09-21T06:53:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/34517\/"},"modified":"2025-09-21T06:53:09","modified_gmt":"2025-09-21T06:53:09","slug":"six-measures-of-nonfarm-payroll-employment","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/34517\/","title":{"rendered":"Six Measures of Nonfarm Payroll Employment"},"content":{"rendered":"


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Including Philadelphia Fed early benchmark, released today. Several series are below recent peaks, including the early benchmark.<\/p>\n

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Figure 1: CES Nonfarm payroll (NFP) employment (blue), implied preliminary benchmark (tan), early benchmark (green), implied GS final benchmark (red), CPS series adjusted to NFP concept, 3 month centered moving average (pink), and covered QCEW total employment, seasonally adjusted by author using X-13 (light blue), all in 000\u2019s, s.a. Implied preliminary benchmarks calculated by wedging in the revision between 2024M03 to 2025M03. Source: BLS, Philadelphia Fed<\/a>, Goldman Sachs, and author\u2019s calculations.<\/p>\n

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\n\t\t\tThis entry was posted on September 19, 2025<\/a> by Menzie Chinn<\/a>.\t\t\t\t\t\t\t\t <\/p>\n","protected":false},"excerpt":{"rendered":" Including Philadelphia Fed early benchmark, released today. Several series are below recent peaks, including the…\n","protected":false},"author":2,"featured_media":34518,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[138,219,111,139,69],"class_list":["post-34517","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-new-zealand","tag-newzealand","tag-nz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/34517","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=34517"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/34517\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/34518"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=34517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=34517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=34517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}