I wrote about this last week. The Obama-fluffing mainstream media is still covering this failure of a president by not reporting the truth.
Following the governmemt’s Employment Situation Summary yesterday, two words were noticeably absent at the Associated Press (here, here, and here), Bloomberg, Reuters, CNBC, and the New York Times: “seasonally adjusted.”
While they told their readers of the number of jobs supposedly added in total (157,000) and in other sectors, the fact remains that in the real world, before seasonal adjustment, the government told us, as is the case every January, that employment declined steeply. In January 2013, the government estimates that 2.84 million jobs were lost.
This failure to refer to seasonal adjustments is odd, because while these same outlets typically use these two words when describing the weekly unemployment claims results released each Thursday and several other government reports which appear throughout the month, they typically fail to do so in describing the monthly number of jobs added or lost — and for that matter, the unemployment rate, which was really 8.5 percent in January, only 0.3 points below where is was in January 2012 (December’s, November’s, and October’s differentials were 0.7, 0.8 and 1.0 points, respectively).
By not using the term “seasonally adjusted” anywhere in their reports, these establishment press outlets have led readers to believe that their wonderfully positive number represent what actually happened. They don’t. Thus, as a public service, yours truly will present the real numbers beside several of those reported at the aforementioned outlets, with a bit of analysis as to whether trends in those sectors appear to be favorable (SA means “seasonally adjusted; NSA means “before seasonal adjustment, i.e., the actuals):
Overall: 157K SA, -2.84 million NSA; January’s actual job loss was worse than then the 2.635 million seen in January 2012 which generated a 311K seasonally adjusted result. This looks like deterioration to me, not improvement. It also appears, looking at the three preceding years, that January’s 157K SA figure could easily and justifiably been as low as 100K.