A helpful analogy for understanding the monthly employment survey versus the QCEW (the final, state-issued employment data) is a sports betting line. A betting line is an initial estimate—a forecast based on incomplete or early information. Similarly, the monthly labor report is an estimate based on survey data, which is limited and subject to revision. As a game progresses, oddsmakers adjust the line in real time as more information becomes available—just like the labor numbers are revised in subsequent months. Eventually, the game ends, and we know the actual score. That final score is like the QCEW: it reflects the actual employment data reported by employers to the states and is far more comprehensive. These revisions aren’t “mistakes”—they’re refinements based on better data. Sometimes the initial estimate is far off; other times it’s close. But in all cases, the revisions—and ultimately the QCEW—bring us closer to the truth.