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Manufacturing Employment: BLS vs. ADP

Summary:
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.  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.

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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. 

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.

Menzie Chinn
He is Professor of Public Affairs and Economics at the University of Wisconsin, Madison

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