Guest Contribution: “The Role of Network Effects in the International Transmission of US Monetary Policy”

Today, we are fortunate to be able to present a guest contribution by Stéphane Dees (Banque de France and Univ. Bordeaux) and Alessandro Galesi (Banco de España). The views expressed here are those of the authors and do not necessarily reflect the views of Banque de France, Banco de España, or the Eurosystem.


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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.