{"id":348291,"date":"2025-09-19T17:28:27","date_gmt":"2025-09-19T22:28:27","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2025\/09\/19\/six-measures-of-nonfarm-payroll-employment\/"},"modified":"2025-09-19T17:28:27","modified_gmt":"2025-09-19T22:28:27","slug":"six-measures-of-nonfarm-payroll-employment","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2025\/09\/19\/six-measures-of-nonfarm-payroll-employment\/","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:<\/strong> 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.<\/em><\/p>\n<\/p><\/div>\n


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