Chart of the Month
Surveying in the world of data collection is at the core of many important macroeconomic variables. Each individual or business has a view on their interest in filling a survey out, especially if there are little to no incentives for them to do so. Unlike the potential “sweepstakes” you may see for filling out a survey on the bottom of your grocery store or restaurant receipt, businesses that are asked to participate in the Bureau of Labor Statistics (BLS) Establishment Survey to offer a glimpse of the labor market do not receive any direct incentive for participation, it is entirely voluntary.
One of the most widely followed economic releases used by capital markets is the BLS monthly Nonfarm Payrolls report. It gives markets a glimpse into the state of the job market by looking at the number of jobs added or lost during a given month. The latest nonfarm payrolls report the market received (for July 2025) sent a bit of a shockwave through markets and received some heightened coverage across media sources given some revisions of data to prior months and the firing of now former BLS Commissioner, Erika McEntarfer, by President Trump on Aug. 1, 2025.
Our chart this month focuses less on the market’s reaction function and more on the “data” behind the data. The reason the July nonfarm payrolls release on Aug. 1, 2025 caught so much attention is due to the revisions made to prior months – those being May and June 2025. The reason we receive “revised” data points through this survey in the first place is because the BLS allows those entities participating a 2-month response window.
The graphic shows that for the past decade, response rates to meet the initial deadline have been declining (from ~80% to ~62%). Meanwhile, by the time the 2-months have passed, the final response rate has remained steady at ~95%. The widening gap between the two time frames is suggestive of a higher likelihood of revisions to the final data, and while those in the July 2025 report were negative, revisions can go both ways. So, it is not that the participating establishments have stopped responding or that the data has been manipulated, but rather, it is a function of them responding later.
While the headlines surrounding this latest release grabbed its fair share of attention, after all, that is what headlines are meant to do, our team likes to take a step below the big, bolded print and look deeper to understand what some of the nuances underlying certain data points may be.
Four Reasons Millenials Need an Estate Strategy
You’re young, have little in savings, and might not have anyone relying on you, financially. So, why do you need to think about estate management?1
Here are four great reasons:
Estate Strategies: They’re Not Just for the Elderly
1. You need a will.
You may ask yourself why a will is important if you don’t have much to pass on. A will is not just about transferring assets. It can be used to accomplish other tasks, such as naming who should manage your social media accounts once you’re gone or inherit items you’ve accumulated, like collectibles or your car.
2. Don’t burden others with burial expenses.
Funerals can be expensive, and if you don’t have the savings to meet those costs, that burden gets shifted to others.
3. Consider a medical directive.
This important document states your wishes for end-of-life care. In the case of an unfortunate accident, a medical directive provides instructions about the level of care you want, e.g., palliative care only.
4. Create a durable power of attorney for health care.
In the event that you are unable to make medical decisions for yourself, this gives the individual of your choice the legal power to act as a health care proxy for you.
A medical directive and health care durable power of attorney can ensure that you are provided the level of care consistent with your wishes. They can also prevent family discord in the event of differing opinions.
Though the multiple financial goals of many young adults often require more resources than present earnings can meet, these important planning steps can be accomplished at a small cost.
1. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.
