One might see blazing headlines that initial weekly unemployment claims for March 25, 2010 dropped 14,000 to 442,000. But note the below, contained in the press release:
This week's release reflects the annual revision to the weekly unemployment claims seasonal adjustment factors. The historical factors from 2005 forward have been revised.
From 2005 they revised the data? What kind of yearly seasonal adjustment is that?
Then from MarketWatch we have (looks like someone got on the phone?)
Latest figures reflect annual revisions to the data that put claims 10,000 lower than they would have been under the old methodology, a Labor official said.
Without the annual revision, claims would have totaled about 453,000
(Sorry MarketWatch, that's 11,000 lower via revisions than the old methodology, from your raw reported numbers).
Ok Folks, I have hunted high and low looking for information on annual seasonal adjustments which magically go back 5 years and so far have found no information. The DOL press release has circular link claiming to explain these revisions, which goes to basically a repeat of the original press release.
I don't know about you all and I have never thought too highly of this particular data metric from DOL, but this takes the cake. Revisions back 5 years with no explanation and magically we have an initial weekly unemployment claim report that sounds real good as a result?