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Monthly State Jobs Estimates Are Revised Annually. Each month our office publishes the most recent state employment figures from the the Current Employment Statistics (CES) survey. State employment figures come from this monthly survey, which is based on a small sample of businesses in the state.  As a result, once per year the U.S. Bureau of Labor Statistics (BLS) does a benchmark revision, updating the monthly CES estimates to match more reliable administrative data from states’ Unemployment Insurance programs.

Federal Researchers Now Publishing Quarterly Revisions. Although the BLS only revises the state-level CES once per year, the underlying data used to revise the CES survey is collected quarterly. Taking advantage of this asynchrony, in 2021, researchers at the Federal Reserve Bank of Philadelphia began publishing state-level “early revisions” based on the same underlying data but revised more frequently. 

Early Revisions Suggests State Lost Jobs During Fourth Quarter of Last Year. Based on the most recent release of the early benchmarks, payroll jobs declined by 32,000 from September 2023 through December 2023. On the contrary, the preliminary monthly reports showed a solid increase in job growth (+117,000 jobs) at the time. With the fourth quarter revision, calendar year 2023 saw essentially no net job growth (+9,000 jobs overall). Data since January 2024 has not yet been rebenched. As such, the figure includes the Early Benchmark Revision for these recent months growing at the same rate as the official CES estimates. 


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