January "Strong" Retail Sales Was On The Back of 2x Seasonal Adjustment Fudge Factor

``If one zooms in on the most recent data, one finds something surprising: a substantial rebound in SA retail sales, which according to the Dept. of Commerce rose 3.4% -- the best print since January 2015 -- while unadjusted retail sales rose by just 1.4% -- the worst montly print since August, and hardly inspiring confidence that what is happening on a seasonally adjusted basis is indicative of what is really happening.''