One of the more annoying aspects of business press reporting is its participants' singular focus on seasonally adjusted data to the exclusion of the underlying figures.
Many reports on the economy at least tag the figures reported as seasonally adjusted; but there seems to be a trend away from doing even that. For example, the Associated Press has routinely labeled weekly initial jobless claims as seasonally adjusted (examples from about a year ago are here, here, and here), but Thursday's adjusted claims figure of 331,000 and the 348,000 from a week earlier went unlabeled (as seen here and here, respectively). Additionally, none of the three main wire services (AP, Bloomberg, Reuters) described yesterday's reported increase in employment as "seasonally adjusted" (though the AP's Christopher Rugaber did report that the unemployment rate of 6.6 percent was seasonally adjusted). In failing to do so, they all were in essence telling readers that the economy really added 113,000 jobs in January. The truth is that it lost over 2.8 million of them: