The monthly jobs number we know and love is a seasonally adjusted data series. But is the algorithm correct? The Brookings Institution has been publishing an "improved" seasonal adjustment number for a while now and BLS economists have given some indication that they agree this is better than the one they're using. The improved method makes this month's jobs report look a bit better:
BOOM! Improved seasonal adjustment algorithm says we created +304k jobs last month, not +288k. http://t.co/y3ZmuCnL52 pic.twitter.com/S2sdEoU46I— Justin Wolfers (@JustinWolfers) May 2, 2014
Even more good news!