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Economic Times
7 days ago
- Business
- Economic Times
The jobs data revisions that cost a US government statistician her job
Synopsis Significant downward revisions to U.S. payroll gains for May and June led to the firing of the Bureau of Labor Statistics Commissioner. The combined revision of 258,000 jobs is the largest since 1979, excluding the pandemic period. June's initial estimate was reduced by 133,000, and May's by 125,000, marking substantial deviations from historical trends. AP FILE- A sign announces hiring, July 15, 2025, in Richardson, Texas. (AP Photo/LM Otero, File) The revisions to previous estimates of the size of U.S. payrolls gains for May and June that prompted President Donald Trump to fire Bureau of Labor Statistics Commissioner Erika McEntarfer on Friday were by any measure extraordinarily large. Indeed, the combined downward revision for the two months of 258,000 was the largest - outside of those during the early months of the COVID-19 pandemic - since at least 1979. Here's a quick graphical breakdown:The monthly nonfarm payrolls report, released typically on the first Friday of each month, includes an initial estimate of employment changes for the immediately preceding month and revisions to the earlier estimates for the prior two months. BLS makes the revisions because more survey responses come in over the ensuing weeks and because it updates the seasonal factors affecting each month's estimates. The BLS on Friday said 133,000 fewer jobs had been created in June than first estimated. Over the last several years, the first estimate of the net change in payrolls each month has been revised lower more often than not. It has been revised down in eight of the last 12 BLS reports over the last year. The downward revision on Friday was the largest since the first estimate of payrolls gains for March 2021, published in April 2021, was revised down by 146,000 a month later. Over the last three years through June, the median estimate revision was -10,000. That contrasts with a median increase of 8,000 during the decade before the pandemic and a median increase of 2,000 over the series history since 1979. The total for May's payroll gains was revised lower by 125,000 in Friday's report, when the third estimate for payrolls for that month was published. That figure was the largest downward reduction of payrolls gains for a second revision - outside of the pandemic era - since the estimate for March 1983 was revised down by 127,000 in the report published in June combined downward revision for the two previous months - May and June - was larger than anything reported outside of the pandemic era. Indeed, the estimates for the two prior months combined have more often than not been revised higher. Since 1979, the median two-month combined estimate change was an upward revision of 10,000. Measured in absolute terms - revisions in either direction - Friday's revision also stands out. There have only been four larger revisions: +709,000 for November and December 2021; -642,000 for March and April 2020; +285,000 for August and September 1983; and +414,000 for April and May 1981.
Toronto Star
28-07-2025
- Sport
- Toronto Star
Deion Sanders says he had bladder cancer but plans to coach the Colorado Buffaloes this season
Colorado head coach Deion Sanders listens to a question during the Big 12 NCAA college football media day in Frisco, Texas, Wednesday, July 9, 2025. (AP Photo/LM Otero) MO flag wire: true flag sponsored: false article_type: : sWebsitePrimaryPublication : publications/toronto_star bHasMigratedAvatar : false :
Yahoo
10-07-2025
- Business
- Yahoo
The new college sports agency is rejecting some athlete NIL deals with donor-backed collectives
University mascots posse for photos before the start of day two of Big 12 NCAA college football media days in Frisco, Texas, Wednesday, July 9, 2025. (AP Photo/LM Otero) FILE - Georgia's Olivia Smoliga swims to a first-place finish in the 100-yard freestyle at the NCAA women's swimming and diving championships at Georgia Tech, March 19, 2016, in Atlanta. (AP Photo/David Goldman, File) FILE - Camp Randall Stadium is seen during an NCAA college football game between Wisconsin and Miami of Ohio, Sept. 12, 2015, in Madison, Wis. (AP Photo/Aaron Gash, File) FILE - Camp Randall Stadium is seen during an NCAA college football game between Wisconsin and Miami of Ohio, Sept. 12, 2015, in Madison, Wis. (AP Photo/Aaron Gash, File) University mascots posse for photos before the start of day two of Big 12 NCAA college football media days in Frisco, Texas, Wednesday, July 9, 2025. (AP Photo/LM Otero) FILE - Georgia's Olivia Smoliga swims to a first-place finish in the 100-yard freestyle at the NCAA women's swimming and diving championships at Georgia Tech, March 19, 2016, in Atlanta. (AP Photo/David Goldman, File) FILE - Camp Randall Stadium is seen during an NCAA college football game between Wisconsin and Miami of Ohio, Sept. 12, 2015, in Madison, Wis. (AP Photo/Aaron Gash, File) The new agency in charge of regulating name, image, likeness deals in college sports sent a letter to schools Thursday saying it had rejected deals between players and donor-backed collectives formed over the past several years to funnel money to athletes or their schools. Those arrangements hold no 'valid business purpose,' the memo said, and don't adhere to rules that call for outside NIL deals to be between players and companies that provide goods or services to the general public for profit. Advertisement The letter to Division I athletic directors could be the next step in shuttering today's version of the collective, groups that are closely affiliated with schools and that, in the early days of NIL after July 2021, proved the most efficient way for schools to indirectly cut deals with players. Since then, the landscape has changed yet again with the $2.8 billion House settlement that allows schools to pay the players directly as of July 1. Already, collectives affiliated with Colorado, Alabama, Notre Dame, Georgia and others have announced they're shutting down. Georgia, Ohio State and Illinois are among those that have announced plans with Learfield, a media and technology company with decades of licensing and other experience across college athletics, to help arrange NIL deals. Outside deals between athlete and sponsor are still permitted, but any worth $600 or more have to be vetted by a clearinghouse called NIL Go that was established by the new College Sports Commission. Advertisement In its letter to the ADs, the CSC said more than 1,500 deals have been cleared since NIL Go launched on June 11, 'ranging in value from three figures to seven figures.' More than 12,000 athletes and 1,100 institutional users have registered to use the system. But the bulk of the letter explained that many deals could not be cleared because they did not conform to an NCAA rule that sets a 'valid business purpose' standard for deals to be approved. The letter explained that if a collective reaches a deal with an athlete to appear on behalf of the collective, which charges an admission fee, the standard is not met because the purpose of the event is to raise money to pay athletes, not to provide goods or services available to the general public for profit. The same would apply to a deal an athlete makes to sell merchandise to raise money to pay that player because the purpose of 'selling merchandise is to raise money to pay that student-athlete and potentially other student-athletes at a particular school or schools, which is not a valid business purpose' according to the NCAA rule. Advertisement A deal, however, could be approved if, for instance, the businesses paying the players had a broader purpose than simply acting as a collective. The letter uses a golf course or apparel company as examples. 'In other words, NIL collectives may act as marketing agencies that match student-athletes with businesses that have a valid business purpose and seek to use the student's NIL to promote their businesses," the letter said. ___ AP college sports:
CTV News
26-06-2025
- Business
- CTV News
U.S. dollar at 3-year low, stocks extend record run as Fed pressures mount
A newly printed U.S. dollar bill is shown at the Bureau of Engraving and Printing's Western Currency Facility in Fort Worth, Texas, on Dec. 8, 2022. (AP Photo/LM Otero, File)
Yahoo
20-06-2025
- Sport
- Yahoo
Semi-retired Lexi Thompson going into weekend at KPMG Women's PGA contending for another major
Yui Kawamoto, of Japan, uses an umbrella for the sun during the second round of the Women's PGA Championship golf tournament Friday, June 20, 2025, in Frisco, Texas. (AP Photo/LM Otero) Lexi Thompson writes on her scorecard before her tee shot on the sixth hole during the second round of the Women's PGA Championship golf tournament Friday, June 20, 2025, in Frisco, Texas. (AP Photo/LM Otero) Lexi Thompson watches her tee shot on the sixth hole during the second round of the Women's PGA Championship golf tournament Friday, June 20, 2025, in Frisco, Texas. (AP Photo/LM Otero) Lexi Thompson watches her tee shot on the sixth hole during the second round of the Women's PGA Championship golf tournament Friday, June 20, 2025, in Frisco, Texas. (AP Photo/LM Otero) Yui Kawamoto, of Japan, uses an umbrella for the sun during the second round of the Women's PGA Championship golf tournament Friday, June 20, 2025, in Frisco, Texas. (AP Photo/LM Otero) Lexi Thompson writes on her scorecard before her tee shot on the sixth hole during the second round of the Women's PGA Championship golf tournament Friday, June 20, 2025, in Frisco, Texas. (AP Photo/LM Otero) Lexi Thompson watches her tee shot on the sixth hole during the second round of the Women's PGA Championship golf tournament Friday, June 20, 2025, in Frisco, Texas. (AP Photo/LM Otero) FRISCO, Texas (AP) — Semi-retired Lexi Thompson shot a 2-under 70 in the second round of the KPMG Women's PGA Championship on Friday to put herself in position to contend over the weekend for her first major title in more than a decade. After an even-par round Thursday, Thompson was bogey-free in the second round until her final hole. She finished two strokes behind first-round leader Jeeno Thitikful, the No. 2-ranked player in the world who hadn't yet teed off for her afternoon round when Thompson hit her approach at the 18th into the bunker but couldn't come up with yet another par-saver. Advertisement It was a quick turnaround for Thompson after a six-hour opening round that ended early Thursday evening. And it was another steamy day Friday on the Fields Ranch East course at PGA Frisco, with feel-like temperatures reaching 100 degrees. Along with the warming temperatures, and caddies being able to remove their bibs while on the course, was the ever-present Texas wind that picked up throughout the day. None of 156 players played without a bogey in the first round, when the average score over 75. The 30-year-old Thompson, who has said last year was her final one playing a full schedule, is in her seventh tournament this season, including all three majors so far. Her only major victory was at the Kraft Nabisco Championship in 2014, though her 13 top-five finishes in majors since 2013 is the most by any player. Thompson missed the cut at the U.S. Women's Open three weeks ago, but last week was in contention in the final round before tying for fourth at the Meijer LPGA Classic. Advertisement Her shots to save par Friday were maybe more important than the three birdies — the longest an 11-footer, with a 6 1/2-footer and nearly 4-footer as well. Thompson was only 70 yards from the pin after her tee shot at the 10th, but hit her approach into the bunker and was still 43 feet away after knocking it out of there before a curling right-to-left putt. At the par-5 14th, her 5-foot putt did a 360-degree roll around the lip before falling into the cup. When her approach at No. 18 landed in a bunker right of the flag, Thompson looked upward and then blasted 15 feet past the hole, unable to save par one last time. Only 15 of 156 players broke par Thursday. Thompson had one of the 10 under-par rounds in the early wave of 77 players Friday, the best being Charley Hull's 69 after opening with a 78. ___ AP golf:
