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Assessing Employment Growth in 2007 In 2007, Federal Reserve policymakers and others



who pay close attention to the health of the nation’s labor markets were seeing conflicting signals from two important data series on employment that often move largely in tandem.As expected, following fairly robust growth rates in 2006, both series showed reduced growth rates in 2007 as economic activity was slowing. But the deceleration was much steeper for the household series than for the payroll series, thus giving different impressions of the severity of the economic slowdown. These two series are produced monthly by the U.S. Bureau of Labor Statistics (BLS). It is not entirely surprising that discrepancies between them should arise from time to time, because they are based on different surveys and are designed to capture differen

Year: 2008
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