by Calculated Risk on 8/18/2021 10:36:00 AM
The BLS released the preliminary annual benchmark revision showing 166,000 fewer payroll jobs as of March 2021. The final revision will be published when the January 2022 employment report is released in February 2022. Usually the preliminary estimate is pretty close to the final benchmark estimate.
The annual revision is benchmarked to state tax records. From the BLS:
Each year, the Current Employment Statistics (CES) survey employment estimates are benchmarked to comprehensive counts of employment for the month of March. These counts are derived from state unemployment insurance (UI) tax records that nearly all employers are required to file. For National CES employment series, the annual benchmark revisions over the last 10 years have averaged plus or minus one-tenth of one percent of total nonfarm employment. The preliminary estimate of the benchmark revision indicates a downward adjustment to March 2021 total nonfarm employment of -166,000 (-0.1 percent).
Using the preliminary benchmark estimate, this means that payroll employment in March 2021 was 166,000 lower than originally estimated. In February 2022, the payroll numbers will be revised down to reflect the final estimate. The number is then “wedged back” to the previous revision (March 2020).
Construction was revised down by 44,000 jobs, and manufacturing revised down by 39,000 jobs.
This preliminary estimate showed 421,000 fewer private sector jobs, and 255,000 more government jobs (as of March 2021).