As you can see on the graph below, the 2024 benchmark, -0.5%, is the fifth largest over the last 32 years, among 2009’s -0.7%, 1994’s +0.7%, 2006’s +0.6%, and 1995’s +0.5%. It’s reassuring they aren’t all in the same direction. The annual benchmark is an integral part of the BLS process, and a major reason the establishment series is so important Between 1993 and 2000, revisions averaged 0.3% in absolute terms, narrowing to 0.2% between 2001 and 2019, including 0.2% between 2001 and 2008, and 0.1% between 2010 and 2019. Since 2020, the average moved back up to 0.3%, not so surprising given the displacements of the pandemic. In our experience, the employees at the Bureau of Labor Statistics take […]