Comments on 2001 Benchmark Revisions to Regional Employment Data

IndicatorsComments on2001 Benchmark Revisionsto Regional Employment Databy Tom DeCoffIn March 2002, the U.S. Bureau of Labor a complete summary of revisions to employment dataStatistics (BLS) released revised state and regional in all New England states and major industries.employment data based on the 2001 benchmark, The revisions revealed a moderate number ofaffecting data for 2000 and 2001. Contrary to the additional jobs throughout New England in 2000,employment boost shown in last year’s revisions, the but showed fewer jobs throughout most of 2001. As2002 revisions increased New England’s measured a result, New England’s employment growth overemployment levels slightly for 2000 and reduced them the course of 2000 remained robust at 2.2 percent,in nearly all states and industries for 2001. on par with previous estimates and outpacing theFurthermore, the revisions show that the recession that nation’s 1.8 percent growth. However, betweenbegan in 2001 had a deeper impact on employment in December 2000 and December 2001, Newthe region than in the nation, as New England’s year- England’s employment shrank 1.2 percent, a lossend employment decreased for the first time in a more sizable than the nation’s 0.8 percent contrac-decade. Until national data are revised in June 2002, tion and much more severe than the region’s previ-comparisons between New England and U.S. job ously estimated 0.4 percent contraction. Exhibit 1counts should be considered ...