ABSTRACT
Labor market data may be the most closely followed of all economic statistics. The monthly report Bureau of Labor Statistics (BLS) issues on payroll employment and unemployment may well be the single most important data release issued by the US government, and, given the centrality of the US economy, for the world as a whole. It receives policy, media, and market attention commensurate with this status. The Quarterly Census of Employment and Wages (QCEW) data are made public by BLS a bit more than five months after the end of a quarter. It provides the benchmark data for both the payroll employment survey and Bureau of Economic Analysis's (BEA) data on wages and salaries. Revisions to the monthly payroll change stemming from the receipt of further reports can be substantial, relative to the absolute change; BLS specifically notes in the labor market release the cumulative revision to the prior two months.
