DOWNLOADS
-
-
Introducing the New York Innovation Center: Delivering a central bank innovation execution
Do you have a Freedom of Information request? Learn how to submit it.
See the world's largest accumulation of gold as you learn about the New York Fed and Federal Reserve System on a free tour.
The latest Annual Report chronicles the impact of Federal Reserve policies and includes data on the New York Fed's operations.
-
-
-
The mission of the Applied Macroeconomics and Econometrics Center (AMEC) is to provide intellectual leadership in the central banking community in the fields of macro and applied econometrics.
The Center for Microeconomic Data offers wide-ranging data and analysis on the finances and economic expectations of U.S. households.
The monthly Empire State Manufacturing Survey tracks the sentiment of New York State manufacturing executives regarding business conditions.
-
-
-
The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
Need to file a report with the New York Fed? Here are all of the forms, instructions and other information related to regulatory and statistical reporting in one spot.
The New York Fed works to protect consumers as well as provides information and resources on how to avoid and report specific scams.
-
-
-
The New York Fed provides a wide range of payment services for financial institutions and the U.S. government.
The New York Fed offers the Central Banking Seminar and several specialized courses for central bankers and financial supervisors.
The New York Fed has been working with tri-party repo market participants to make changes to improve the resiliency of the market to financial stress.
-
-
-
We are connecting emerging solutions with funding in three areas—health, household financial stability, and climate—to improve life for underserved communities. Learn more by reading our strategy.
The Economic Inequality & Equitable Growth hub is a collection of research, analysis and convenings to help better understand economic inequality.
This Economist Spotlight Series is created for middle school and high school students to spark curiosity and interest in economics as an area of study and a future career.
The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
-
Early Benchmarked Employment Data
Adjusted employment data for the Second District
Note: The New York Fed does not issue an early benchmark from mid-March through the end of May.
What is the New York Fed Early Benchmarked Employment Data?
The Current Employment Statistics (CES), produced by the U.S. Bureau of Labor Statistics, is the most timely regional employment data currently available. These monthly data are based on a sample of about one-third of the nation’s nonfarm employers and its accuracy can vary, particularly for smaller geographic areas, and are typically released with about a one-month lag. However, these data are also subject to revisions which can sometimes be quite substantial.
Once per year in March, the CES employment data are benchmarked to the Quarterly Census of Employment and Wages (QCEW) data, a different employment series that captures nearly a full count of jobs, but is released with a six-month lag. Rather than waiting until March for these revisions to be released, the Federal Reserve Bank of New York uses quarterly releases of the QCEW to ‘early benchmark’ the CES employment data more frequently, using a methodology similar to the approach used by the Bureau of Labor Statistics.
We are now releasing these early benchmarked regional data on a monthly basis for total employment in New York State, New Jersey, Puerto Rico, and the U.S. Virgin Islands, as well as the metropolitan areas in New York and Northern New Jersey.
DOWNLOADS
About the Data
For its early benchmarking, the Federal Reserve Bank of New York uses both the CES and QCEW to estimate revisions to the CES well in advance of the BLS benchmark in March. Since the annual official BLS benchmark of regional employment data takes place around the middle of March, the New York Fed will not issue an early benchmark from mid-March through the end of May.
Both the raw CES and the QCEW data can be retrieved on the BLS website here: https://www.bls.gov/data/
Data retrieved from Moody’s Analytics and adjusted by New York Fed staff.
Related Content
Reference charts that are updated regularly illustrate the divergence between the New York Fed’s early benchmark estimates and the preliminary CES figures.
Past blog analysis offers several examples of how early benchmark estimates typically foretell later official data revisions. See Deitz and Hastings, “Just Released: New Regional Employment Data Now Available,” Liberty Street Economics, June 24, 2019.
Our Regional Employment Trends web feature tracks payroll employment at the state level and for metro areas in the Federal Reserve’s Second District utilizing these early benchmarked estimates. Data can be viewed in levels, or as indexes, for ease of comparison across places.
How to cite this data:
Federal Reserve Bank of New York, Early Benchmarked Employment Data, https://newyorkfed.org/research/regional_economy/early-benchmarked-employment.
Related New York Fed Content
Contacts
By continuing to use our site, you agree to our Terms of Use and Privacy Statement. You can learn more about how we use cookies by reviewing our Privacy Statement. 
