What new data lead to the sometimes large revisions in wages and salaries?
Monthly estimates of private wages and salaries are based on monthly industry data from the current employment statistics (CES) survey tabulated by the Bureau of Labor Statistics (BLS). In addition to employment data on all workers, the CES collects data on hours and earnings of production and nonsupervisory workers who are on private nonfarm payrolls. The earnings reported in the CES include regular and overtime earnings, but do not include “irregular” pay, such as bonuses or the gain on the exercise of stock options. As a result, the CES covers the regular and overtime earnings for about two-thirds of all workers and a little over half of total earnings. Like other NIPA estimates, the estimates of wages and salaries are revised when more comprehensive and accurate source data become available. The first revisions to the BEA monthly wage and salary data reflect revisions to the monthly CES survey. These revisions are generally small. The first wage and salary estimates for a quarter a
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