BLS Releases Preliminary Nonfarm Payrolls Benchmark Revision with Market Implications

The US Bureau of Labor Statistics (BLS) will release its Preliminary Nonfarm Payrolls Benchmark Revision on Friday at 14:00 GMT. This report measures how accurately the monthly jobs numbers reflect the labor market reality.

Unlike the usual monthly employment reports, this benchmark revision answers a simpler question: Has the number of payroll jobs reported month after month by US statisticians accurately reflected the labor market? The answer could have significant implications beyond just the statistics themselves.

The Preliminary Nonfarm Payrolls Benchmark Revision measures the difference between the estimated employment level from the Current Employment Statistics (CES) survey and a more comprehensive dataset, the Quarterly Census of Employment and Wages (QCEW). The QCEW is based on unemployment insurance records submitted by nearly all US employers.

The benchmark revision essentially indicates how much the estimated total payroll employment level for the twelve months through March may need to be adjusted. The final revision will not be released until February 2027, and it will be incorporated into the historical series with the Employment Situation report.