As reported first thing this morning, in addition to the jobs and wages numbers, perhaps just as importantly, the BLS would revise its entire 2014 jobs data series, which it did today as it noted:
Establishment survey data have been revised as a result of the annual benchmarking process and the updating of seasonal adjustment factors. Also, household survey data for January 2015 reflect updated population estimates. See the notes at the end ot this news release for more information about these changes.
It wasn't kidding: remember that January of 2014 jobs print of 144K which was supposedly "horrible" and was blamed entirely on the snow, and was in fact used by the Fed in its decision-making process. Well, guess what: it was BS, and - following the BLS's revisions - actually turned out to be a whopping 247K.
It gets better: remember that whopping 353K jobs number in November? Well, following the data revision, it was boosted by 20% to a whopping 423K - the second biggest monthly jobs increase in the 21st century!
Here are the details, courtesy of the BLS itself, explaining how it revised, estimated and otherwise massaged the data for the past year:
Effective with data for January 2015, updated population estimates have been used in the household survey. Population estimates for the household survey are developed by the U.S. Census Bureau. Each year, the Census Bureau updates the estimates to reflect new information and assumptions about the growth of the population since the previous decennial census. The change in population reflected in the new estimates results from adjustments for net international migration, updated vital statistics and other information, and some methodological changes in the estimation process.
In accordance with usual practice, BLS will not revise the official household survey estimates for December 2014 and earlier months. To show the impact of the population adjustments, however, differences in selected December 2014 labor force series based on the old and new population estimates are shown in table B.
The adjustments increased the estimated size of the civilian noninstitutional population in December by 528,000, the civilian labor force by 348,000, employment by 324,000, and unemployment by 24,000. The number of persons not in the labor force was increased by 179,000. The total unemployment rate, employment-population ratio, and labor force participation rate were unaffected.
And breaking it more fully down, what was supposed to be a total gain of 2,952K jobs in 2014 has now been revised to 3,197K.
As it turns out, and as had been expected, the BLS has decided to ignore all those reports of thousands workers laid off in the energy space and mask it all with seasonal adjustment.
And the best news of the day: that average weekly wage you thought you were collecting during all months of 2014? That too was just revised higher across the board.