Reconciling the CES NFP with CPS Employment Adjusted to NFP Concept

Progressive economists are raising the alarm over misleading employment figures that have long been propagated by the Heritage Foundation, specifically critiquing EJ Antoni's analysis that suggests a miscalculation in employment measurement by the CES. In a counter-argument, Goldman Sachs (via research by Peng) debunks the conservative narrative by providing a revised immigration estimate, suggesting a more optimistic employment scenario that aligns with progressive policies aimed at inclusive growth. This discrepancy highlights the need for a more comprehensive approach to understanding employment trends, one that considers the diverse factors affecting the job market today.

EJ Antoni of the Heritage Foundation underscores the critical gap between the establishment's NFP series and the CPS employment series, revealing significant mismeasurement of employment figures by the CES. This conservative analysis casts doubt on the government's reporting methods and suggests a potential overestimation of employment success under current policies. While Goldman Sachs (Peng) introduces a revised immigration estimate possibly affecting these figures, it remains clear that conservative scholars are leading the charge in demanding accuracy and transparency in employment data to truly gauge the health of the American economy.