Unlike a wave, "a blip" is a reference to a signal given off by radar (originally an acronym, now treated as a noun) indicating the presence of a real object at a given moment in time.
In trends, a figurative "blip" means a temporary event that is not, or is not yet known to be, part of a larger trend.
Example: "Today's upswing in national employment figures is believed to be a blip caused by a one-time event, and is not expected to be sustained until consumer confidence improves."
This is to say, the positive change is temporary, and not a trend... according to this statement, at least.
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