Philadelphia Fed estimates show state employment was weaker than Biden Administration acknowledged

The Federal Reserve Bank of Philadelphia estimated that state employment in the country in the second quarter was significantly weaker than official figures from the Bureau of Labor Statistics show.

According to the report, the bureau's initial employment figures were too high in two states.

"Estimates by the Federal Reserve Bank of Philadelphia indicate that the employment changes from March through June 2024 were significantly different in 27 states compared with preliminary state estimates from the Bureau of Labor Statistics’ (BLS) Current Employment Statistics (CES)," detailed the study, which refers to the most recent period for which the Federal Reserve Bank of Philadelphia has updated data.

In addition, the Federal Reserve Bank of Philadelphia indicated that second-quarter state payroll employment declined 0.1%, compared with the Bureau of Labor Statistics' current tally, which shows a 1.1% increase.

In that regard, Bloomberg highlighted that, "by state, the regional Fed bank estimates that largest revision of employment for the nine-month period ended in June will come from California, where it sees a downward revision of 172,700 jobs".