The adjustment took into account stock-based compensation expense, as well as other items.
It does not, however, appear that the seasonal adjustment scheme takes into account the fact that the most seasonal part of the economy is also the part that is much smaller than it was at the time that the seasonal adjustment factors were set.
Euro membership makes adjustment to the required current account surpluses for these countries all the harder.
"An adjustment has also been made to account for identification failure, " the Treasury admits.
The bail-out plan makes unprecedented demands for fiscal adjustment to trim both the current-account deficit and inflation.
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The Mexican-American Legal Defence and Education Fund, alongside the Democrats but not the Republicans, has lobbied for having a statistically estimated adjustment in the census, to take account of the many poor, migrant, homeless and illegal people whom the census may miss.
The coalition will be relying on increased state revenue to account for about 80 per cent of the fiscal adjustment required in 2013 -- a reversal of the original bailout plan, in which consolidation was to be achieved mainly through spending cuts.
The current-account deficit, now around 5% of GDP, is a key factor: if capital flows into America slowed even more sharply, or dried up, the adjustment involved in reducing the current-account deficit could be painful both for America and the rest of the world.
Instead, it is using an inflation index it has developed, called the Higher Education Cost Adjustment, which is designed to take into account the cost of the goods and services purchased by colleges and universities, and which is consistently higher than CPI.
But because consumer debt and the current-account deficit have swelled further, it means that the eventual adjustment, when it comes, will be more painful.
The proposed regulations provide that if a taxpayer sells an interest in an S corporation or partnership interest on the installment method, any adjustment to net gain is computed in the year of sale and is taken into account proportionately as each payment is received and gain is recognized.
Then, in order to account for companies that were highly valued while private but dropped significantly in value after their IPOs, we added an adjustment (up or down) in the company values in the immediate post-IPO period.
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