by Cameron Saucier
July’s jobs report was a blowout, with 255,000 jobs added. Heck yeah, right?
Not so fast. The U.S. economy actually lost 1.03 million jobs in July, according to the Bureau of Labor Statistics. That 255,000 number celebrated by the financial news media was actually the result of generous “seasonal adjustments.”
It’s not the first time the BLS has pulled something like this. In fact, seasonal adjustments are included in every jobs report, and there’s a major problem with the way they are calculated.
We’ll look at this problem in just a moment. But before we do, let’s look at what seasonal adjustments actually are…