As industrial production picked up, Upward revision of non-agricultural employment Two weeks ago, the key indicators looked a little better than last year postal On this issue, a month ago.
figure 1: The number of non-agricultural employment released in August (dark blue), industrial production (red), excluding personal income transferred in 2012 (green), manufacturing and trade sales in 2012 (black), consumption in 2012 (light blue) Color), and the monthly GDP (pink) of Ch.2012$, all logarithms are normalized to 2020M02=0. The decline date defined by NBER is shaded in gray. Source: BLS, Federal Reserve, BEA, calculated by FRED, IHS Markit (nee Macroeconomic Advisers) (released 11/1/2021), NBER and author.
There are some discussions on the upward revision of the number of non-agricultural employment in summer (Wabo).This is definitely the case, as shown in the picture postal (The following figure). However, the gap between October and February 2020 is still 2.8% (logarithmic).
figure 2: The number of non-agricultural employment in October (black), September (yellow-brown), August (red), July (blue-green), June (pink), and May (light green) was in the 2000s. Source: BLS.
