Results from the Nonmanufacturing Business Outlook Survey (NBOS) are reported in seasonally adjusted terms. Because survey responses are characterized by seasonal patterns, new seasonal factors are calculated annually based on the addition of a complete year of data and released each January. The survey’s annual historical revisions, which incorporated new seasonal adjustment factors, were released on January 19, 2021. The files below include an overview of the seasonal adjustment method for the NBOS and a summary of the impact of the most recent revisions.

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