by Calculated Risk on 8/24/2022 10:10:00 AM

The BLS released the preliminary annual benchmark revision showing 462,000 more payroll jobs as of March 2022. The final revision will be published when the January 2023 employment report is released in February 2023. Usually, the preliminary estimate is pretty close to the final benchmark estimate.

The annual revision is benchmarked to state tax records. From the BLS:

In accordance with usual practice, the Bureau of Labor Statistics (BLS) is announcing the preliminary estimate of the upcoming annual benchmark revision to the establishment survey employment series. The final benchmark revision will be issued in February 2023 with the publication of the January 2023 Employment Situation news release.

Each year, the Current Employment Statistics (CES) survey employment estimates are benchmarked to comprehensive counts of employment for the month of March. These counts are derived from state unemployment insurance (UI) tax records that nearly all employers are required to file. For National CES employment series, the annual benchmark revisions over the last 10 years have averaged plus or minus one-tenth of one percent of total nonfarm employment. The preliminary estimate of the benchmark revision indicates an upward adjustment to March 2022 total nonfarm employment of 462,000 (0.3 percent).
emphasis added

Using the preliminary benchmark estimate, this means that payroll employment in March 2022 was 462,000 higher than originally estimated. In February 2023, the payroll numbers will be revised up to reflect the final estimate. The number is then "wedged back" to the previous revision (March 2021).

Construction was revised up by 62,000 jobs, and manufacturing revised up by 22,000 jobs.

This preliminary estimate showed 571,000 more private sector jobs, and 109,000 fewer government jobs (as of March 2022) than originally estimated.