How much “lag” is there in this data? It seems pretty amazing that on May 4th we can accurately get a read on jobs added from April 1st to April 30th when all other national economic data is 3-12 months behind
Yes, there's a lag. The estimate pertains to the pay period that includes the 12th of the month in question (April 12 for this one). Different employers use different pay periods (weekly, biweekly, months, etc.), but that means it more reflects the first half of the month than the second. Also note that the April estimate will be revised when the next Jobs report comes out, and that revision will be based on late-arriving survey responses and revisions to submitted responses.
How much “lag” is there in this data? It seems pretty amazing that on May 4th we can accurately get a read on jobs added from April 1st to April 30th when all other national economic data is 3-12 months behind
Yes, there's a lag. The estimate pertains to the pay period that includes the 12th of the month in question (April 12 for this one). Different employers use different pay periods (weekly, biweekly, months, etc.), but that means it more reflects the first half of the month than the second. Also note that the April estimate will be revised when the next Jobs report comes out, and that revision will be based on late-arriving survey responses and revisions to submitted responses.