Posted - Filed under Data News, Payroll Survey.

Heavily revised growth for November and December 2021.

800k jobs removed in June and July.

The late 2021 revisions may be late reporting, or the BLS’s Seasonal Adjustment ARIMA models thrashing around, combined with the Benchmark Revision.

The seasonal adjustment would explain the balancing drop in mid-year: The ARIMA model must rob Peter to pay Paul in order to keep track with the 12-month not seasonally adjusted numbers.