Philadelphia Federal Reserve says 10K jobs were added in the US in Q2, NOT 1 million

This comes from the Philadelphia Fed's quarterly reassessment of payrolls. Its “early benchmark revision of state payroll employment“.

If you want to stop reading here, the kicker is that US payrolls have been overstated by at least 1 million, if not more.

If you want more.

• Estimates by the Federal Reserve Federal Reserve The Federal Reserve System, more commonly known as the Fed, represents the central banking system of the United States. Like other central banks globally, the Fed is responsible for monetary policy, in this case in the US.The Fed is one of the most watched and followed entities for forex traders, given its material impact on the US dollar. Founded initially in 1913, the Fed was created to perform a wide range of functions. This includes stabilizing and maintaining flexible monetary policy in the The Federal Reserve System, more commonly known as the Fed, represents the central banking system of the United States. Like other central banks globally, the Fed is responsible for monetary policy, in this case in the US.The Fed is one of the most watched and followed entities for forex traders, given its material impact on the US dollar. Founded initially in 1913, the Fed was created to perform a wide range of functions. This includes stabilizing and maintaining flexible monetary policy in the Read this Term Bank of Philadelphia indicate that the employment changes from March through June 2022 were significantly different in 33 states and the District of Columbia compared with current state estimates from the Bureau of Labor Statistics’ (BLS) Current Employment Statistics (CES).
• ... Our estimates incorporate more comprehensive, accurate job estimates released by the BLS as part of its Quarterly Census of Employment and Wages (QCEW) program to augment the sample data from the BLS’s CES that are issued monthly on a timely basis. All percentage change calculations are expressed as annualized rates.
• In the aggregate, 10,500 net new jobs were added during the period rather than the 1,121,500 jobs estimated by the sum of the states; the U.S. CES estimated net growth of 1,047,000 jobs for the period.

Underlining is mine.

Link is here for more: Early Benchmark Revisions of State Payroll Employment

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If the revisions are accepted they should act as a lessening of rate hike pressures (fewer jobs, less demand, less inflationary pressure) at the margin.

"Get me Philadelphia on the line, any line!"