Philadelphia Fed Estimates Show Weaker State Payrolls
- Adjusting for QCEW, Fed sees 0.1% drop in 50-state payrolls
- Compares with BLS data showing 1.1% sum-of-states gain
The final numbers will be released with the January 2025 employment report on Feb. 7.
Photographer: Lauren Petracca/BloombergThis article is for subscribers only.
The Federal Reserve Bank of Philadelphia estimates that US state employment in the second quarter was significantly weaker than official figures from the Bureau of Labor Statistics show.
The early estimates indicated lower employment figures in 25 states, higher changes in two, and small changes in all others. The Fed bank takes state payrolls figures from the BLS and adjusts them using the more comprehensive yet less-timely quarterly Census of Employment and Wages data. The goal is to help produce a more up-to-date estimate of the government’s state benchmark revisions.