From a X post<\/a> today:<\/p>\n There have been widening gaps between NFP and civilian employment in the recent, which he takes as evidence of serious overcounting of employment in the CES. It\u2019s important to realize the CPS estimate of civilian employment depends on estimates of the population (including immigration). Using CBO\u2019s measures of immigration (instead of relying on BLS population controls), I calculate an alternative employment measure. Using this, I get a picture of log ratios of NFP to civilian employment like this:<\/p>\n Figure 1:<\/strong> Ratio of CES NFP to CPS civilian employment (black), of CES NFP to civilian employment adjusted for CBO immigration estimates (tan), of CES preliminary benchmark implied NFP adjusted for CBO immigration estimates (bold green), on log scale. Source: BLS, CBO, NBER, and author\u2019s calculations.<\/em><\/p>\n Using the preliminary benchmark to adjusted civilian employment provides a much less alarming picture.<\/p>\n By the way, Dr. Antoni has again used, without nuance, the official estimates of native born and foreign born employment (which uses the same population controls mentioned above) in his latest screed on the subject<\/a> of the Great (Labor) Replacement Theory<\/a>.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n<\/p><\/div>\n <\/p>\n![\"\"](\"https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/12\/ejantoni_gap_pix.png\")
<\/a><\/p>\n![\"\"](\"https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/12\/nfp_ce16_logratiopix1.png\")
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