Why do the jobs numbers get revised?
our markets and policymakers want data NOW but employer data dribbles in over months
1st estimate is based on the 75% of employers who respond promptly
Updates occur as more data rolls in: 95% response rate by final revision 1/N
plus, in boom times, the slowest reporters are probably those who are sesperately hiring to keep up. So we revise upwards. And in recession, the ones late to report just laid off people so they have no capacity for reporting. So we revised downward.
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