The BLS released guidance for payroll revisions
The BLS released guidance for payroll revisions to be revealed in the January jobs report in early 2018, as occurs each year. This year's guidance for the expected revisions to the benchmark March '17 payroll level was +95k, which implies 8k boosts per month on average for the twelve months ending in March. Analysts assume upward revisions in the ensuing payroll gains as well, leaving revisions that narrow the gap to the much stronger ADP trajectory. The early guidance is usually quite close to the final result, though last year guidance of -150k for March '16 translated to a -81k revision in the NSA level, and an SA revision of only -60k. For prior revisions, analysts saw guidance of -208k for March '15 with a final NSA revision of -199k, and an SA revision of -206k. In March '14, the respective figures were +7k, zero, and zero.