Everyone is talking seasonality

Creditwritedowns Pro readers, here is something to flag; there has been a lot of chatter amongst economic pundits about the seasonality effect on recent data. Those with a sceptical view have been saying that the upside surprise in the Friday jobs data in particular is the result of seasonal factors. Here are two examples. Morgan Stanley said "some of the strength in this report should be discounted because of an seasonal quirk in the courier category of payrolls (Fed-ex, UPS, etc). Job...

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