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Earlier this year, a reporter informed me of what is apparently a common belief in the business press, namely that "the Labor Department considers the (seasonally adjusted, or SA) numbers to be much more reflective of what’s actually going on in the economy" than the raw (i.e., not seasonally adjusted, or NSA) economic data. That's interesting, given that you can't even do seasonal adjustments without the raw data, but I digress. That expressed and almost blind belief in SA numbers explains why virtually no one in the press bothers to look at, let alone report, the NSA numbers. But given this "seasoned" faith, why didn't the business press tell readers that today's revisions to SA figures for initial unemployment claims going back to 2007 released today by the Department of Labor increased the originally reported amounts for the past four weeks by an average of almost 4%?
