So Much for the Manufacturing Employment Renaissance
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Preliminary benchmark revision based on QCEW data, released today:
Figure 1: Change in manufacturing employment since 2025M01 from BLS (blue), preliminary benchmark revision from BLS (light blue square), from ADP (green). Orange shading denotes post-Liberation Day period. Source: BLS, ADP via FRED, BLS, and author’s calculations.
Here’s the picture for private nonfarm payroll employment:
Figure 2: Change in private nonfarm payroll employment since 2025M01 from BLS (blue), Bloomber
Figure 1: Change in manufacturing employment since 2025M01 from BLS (blue), preliminary benchmark revision from BLS (light blue square), from ADP (green). Orange shading denotes post-Liberation Day period. Source: BLS, ADP via FRED, BLS, and author’s calculations.
Here’s the picture for private nonfarm payroll employment:
Figure 2: Change in private nonfarm payroll employment since 2025M01 from BLS (blue), Bloomber
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