California, Arizona Payrolls See Big Downgrade in Early Revision
- California estimates fell by 340,000; Arizona dropped 158,000
- Estimates revised up in five states: Philadelphia Fed analysis
A CDSS booth at a City Career Fair hiring event in Sacramento, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
More than a dozen states had significantly lower employment from September through December 2023 than current government estimates show, according to analysis from the Federal Reserve Bank of Philadelphia.
Early benchmark estimates indicated higher employment in five states and lower employment in 13 states than current Bureau of Labor Statistics, which are based on the agency’s Current Employment Statistics. The early revisions show a particularly strong drop in the number of jobs in California, with minimal changes to the remaining 32 states and the District of Columbia.