Were The Good Initial Jobless Claims A Sham Because Of Seasonal Adjustments?

There’s chatter this morning that the initial jobless claims report, which was the best in a long time, deserves a fat-old asterisk, because of the seasonal adjustments.

Without the adjustments there would have been a big, weekly jump.

So, cancel it out and ignore? No, seasonality is real.

Matt Busigin points us to this chart of non-seasonally adjusted claims over the years. Notice anything?

chart

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