Author Archives: Menzie Chinn

Manufacturing Employment: BLS vs. ADP (updated to incl. Nov BLS)

Figure 1: Manufacturing employment, in 000’s, s.a., from BLS (blue), and from ADP (brown), on log scale. Light green shading denotes data that will be benchmark-revised in February release. Source: BLS and ADP via FRED. [Updated 12/7 to include November BLS data]

Manufacturing peaked a little earlier in the ADP data (June) vs. BLS (August), but ADP suggests a much less pronounced rise to peak during 2019.