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The Impact on Interest Rates of Unemployment Announcements and Their Revisions


  • We thank Tunde Kovacs and other participants at the 2007 FMA meeting and two anonymous referees for helpful comments.

Corresponding author: University of Wyoming, Department of Economics and Finance, Dept. 3985, 1000 E. University Avenue, Laramie, WY 82071; Phone: (307) 766-2201; Fax: (307) 766-5090; E-mail:


The announced changes in monthly employment reports and in weekly new unemployment claim reports are based on new levels and on revisions to previous levels. We analyze the effect on interest rates of surprises to these two separate components of the changes. We find that for weekly reports the effect on interest rates of the new level is greater than the effect of the revisions. For monthly employment reports, the two components’ effects have similar strength.