EJ Antoni Worries in regards to the Hole between CES NFP and CPS Employment

From a X submit in the present day:

There have been widening gaps between NFP and civilian employment within the latest, which he takes as proof of significant overcounting of employment within the CES. It’s essential to comprehend the CPS estimate of civilian employment will depend on estimates of the inhabitants (together with immigration). Utilizing CBO’s measures of immigration (as an alternative of counting on BLS inhabitants controls), I calculate another employment measure. Utilizing this, I get an image of log ratios of NFP to civilian employment like this:

Determine 1: Ratio of CES NFP to CPS civilian employment (black), of CES NFP to civilian employment adjusted for CBO immigration estimates (tan), of CES preliminary benchmark implied NFP adjusted for CBO immigration estimates (daring inexperienced), on log scale. Supply: BLS, CBO, NBER, and writer’s calculations.

Utilizing the preliminary benchmark to adjusted civilian employment offers a a lot much less alarming image.

By the way in which, Dr. Antoni has once more used, with out nuance, the official estimates of native born and international born employment (which makes use of the identical inhabitants controls talked about above) in his newest screed on the topic of the Nice (Labor) Alternative Concept.