I cannot tell you how many times people emailed me or pinged me on social when they saw the Google Search Console reports say "update" in them. They thought Google confirmed some sort of algorithmic update and the update line in the reports was proof.
So when I spoke to the Google Search Console team , I told them it might make sense to change it from "Update" to anything else. That anything else is now known as "note." The "update" line is now known as a "note" line.
Here is the new mention:
Here is what it looked like the other week:
John Mueller confirmed the change yesterday in a Google hangout at the 9:15 mark into the video. He said:
We like to flag that in Search Console as much as possible. So we'll add this kind of line here which is barely visible. And we'll put a note here either, think we change it now to say “note.” And hanks to feedback from Barry for example. Use to just say “update.” You can click on this and you can go to the data anomaly page to get information about this specific change.
I like this small but important change. :)
Here is the video embed:
Forum discussion at Google+.