{"id":265098,"date":"2024-11-22T01:50:44","date_gmt":"2024-11-22T01:50:44","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/11\/22\/qcew-employment-change-y-y-to-june-2024\/"},"modified":"2025-06-25T17:10:23","modified_gmt":"2025-06-25T17:10:23","slug":"qcew-employment-change-y-y-to-june-2024","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/11\/22\/qcew-employment-change-y-y-to-june-2024\/","title":{"rendered":"QCEW Employment Change Y\/Y to June 2024"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div id=\"post-54709\">\n\t\t\t\t<!-- .entry-header --><\/p>\n<div class=\"entry-content\">\n<p>The percentage change is less than that for the CES estimate. Does this mean there are a lot fewer people employed that indicated by the official series (e.g. <a href=\"https:\/\/twitter.com\/RealEJAntoni\/status\/1859750577821106519?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet\">here<\/a>)? Here\u2019s data from 2023M06 onward:<\/p>\n<p><a href=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/11\/compare_fm2023m06-1.png\"><img fetchpriority=\"high\" fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-54711\" src=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/11\/compare_fm2023m06-1.png\" alt=\"\" width=\"864\" height=\"561\" srcset=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/11\/compare_fm2023m06-1.png 864w, https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/11\/compare_fm2023m06-1-300x195.png 300w, https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/11\/compare_fm2023m06-1-768x499.png 768w, https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/11\/compare_fm2023m06-1-624x405.png 624w\" sizes=\"(max-width: 864px) 100vw, 864px\"\/><\/a><\/p>\n<p><em><strong>Figure 1:<\/strong> Change in total covered employment in Quarterly Census of Employment and Wages (QCEW), not seasonally adjusted (blue), official BLS nonfarm payroll employment (NFP) (red), early benchmark NFP (tan), and preliminary benchmark implied (green), all relative to 2023M06. Source: BLS, BLS via FRED, Philadelphia Fed, and author\u2019s calculations.<\/em><\/p>\n<p>While typically it\u2019s assumed the preliminary benchmark will be more accurate given the use of tax data, to the extent there is a substantial component of undocumented workers not having tax data reported on them, it might be the case that both preliminary benchmark and QCEW will be understating employment growth.<\/p>\n<\/p><\/div>\n<p><!-- .entry-content --><\/p>\n<footer class=\"entry-meta\">\n\t\t\tThis entry was posted on <a href=\"https:\/\/econbrowser.com\/archives\/2024\/11\/qcew-employment-change-y-y-to-june-2024\" title=\"5:16 pm\" rel=\"bookmark\"><time class=\"entry-date\" datetime=\"2024-11-21T17:16:45-08:00\">November 21, 2024<\/time><\/a><span class=\"by-author\"> by <span class=\"author vcard\"><a class=\"url fn n\" href=\"https:\/\/econbrowser.com\/archives\/author\/menzie_chinn\" title=\"View all posts by Menzie Chinn\" rel=\"author\">Menzie Chinn<\/a><\/span><\/span>.\t\t\t\t\t\t\t\t<\/footer>\n<p><!-- .entry-meta -->\n\t<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/econbrowser.com\/archives\/2024\/11\/qcew-employment-change-y-y-to-june-2024\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] The percentage change is less than that for the CES estimate. Does this mean there are a lot fewer people employed that indicated by<\/p>\n","protected":false},"author":1,"featured_media":265099,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[155],"tags":[],"_links":{"self":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/265098"}],"collection":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=265098"}],"version-history":[{"count":0,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/265098\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media\/265099"}],"wp:attachment":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=265098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=265098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=265098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}