Tis The Season To Adjust

This February's seasonal adjustments to economic data have been particularly bogus so as not to frighten the great unwashed.

The adjustment for durable goods was the biggest since 1992, so retail sales show up as flat in February when they were actually down three percent, the largest drop on record.

The adjustment for new home sales was the largest since 1982 and turned a 40,000 non-adjusted housing start number into a headline grabbing annual rate of 583,000 starts.

So it goes to show that the seasons don't need adjusting as much as the adjustors need seasoning.