For immediate release
Contact: Thomas Elliott, Media Relations Assistant, 215-574-6545
Philadelphia, PA - The Federal Reserve Bank of Philadelphia's Research Department has released "Anticipating Benchmark Revisions of Payroll Employment Estimates in Third District States," which is part of a new series of Regional Economic Analysis reports. These reports will address a variety of important topics with a special emphasis on the economies of Pennsylvania, New Jersey, and Delaware. Today's report anticipates and analyzes how state payroll employment estimates will be revised in March.
Paul Flora, research and support manager at the Bank, explained the purpose of the new report. "We aim to provide a more in-depth analysis to readers interested in the regional economy," said Flora. "This new series will provide insight on what information is most relevant in the steady stream of regional economic data."
The reports will be released at key points throughout the year to coincide with the release of especially significant regional economic data. While today's report discusses nonfarm payroll employment data, future reports will cover topics such as:
The introduction of these reports coincides with the discontinuation of five Regional Economic News briefs (State Employment, Metropolitan Area Employment, and Housing Permits on a monthly basis, plus House Prices and Personal Income on a quarterly basis). The data, charts, and maps contained in the Regional Economic News briefs will continue to be updated and posted to the website. The new Regional Economic Analysis reports, along with the recently introduced Tri-State Tracking reports, will contribute to the Philadelphia Fed's efforts to provide timely state and metropolitan area data.
The next Regional Economic Analysis report on the topic of alternative state unemployment rate measures is planned for late February.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware.