The latest revisions to monthly payroll employment data issued in August by the Bureau of Labor Statistics were large, renewing concerns about data reliability. However, our updated analysis shows that these revisions remain similar to other large revisions when compared with historical data over the last 60 years. This suggests that incoming data are not generally subject to greater fluctuations—and thus may not reflect greater uncertainty—than in the past.
The SF Fed Blog updates estimates first published in our FRBSF Economic Letter “Do Low Survey Response Rates Threaten Data Dependence?” by Sylvain Leduc and Luiz Edgard Oliveira.
The Federal Reserve Bank of San Francisco (SF Fed) works to advance the nation’s monetary, financial, and payment systems to build a stronger economy for all Americans. As part of the U.S. central bank, the SF Fed serves the Twelfth Federal Reserve District, which covers the nine western states—Alaska, Arizona, California, Hawai’i, Idaho, Nevada, Oregon, Utah, and Washington—plus American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. By pursuing our two key goals of maximum employment and price stability—known as the Fed’s dual mandate—we work toward supporting an economy that works for everyone.