Bloomberg

By Tom Blumer | April 28, 2013 | 11:32 AM EDT

On Friday, the government reported that the economy grew by an annualized 2.5 percent during the first quarter. The awful 0.4 percent result seen in the fourth quarter was largely sloughed off as caused by a number of one-time factors. Analysts convinced themselves that reported first-quarter growth would come in at 3.0 percent or slightly higher in Friday's release. Instead, we saw what Zero Hedge noted was the biggest such expectations miss since September 2011.

As a result, at least three establishment press organizations pronounced the result disappointing -- except for two business reporters at the Associated Press whose names are virtual fixtures here.

By Tom Blumer | March 22, 2013 | 11:33 PM EDT

I don't know whether AP Food Industry Writer Candice Choi misidentified the union responsible for the final demise of Hostess late last year deliberately or out of ignorance.

But in the final five paragraphs of her report on the company's sale of several of its best-known brands to two investment groups, Choi definitely blew it (bolds are mine throughout this post):

By Tom Blumer | March 17, 2013 | 1:29 PM EDT

There's a reason why Media Research Center sister site CNS News had to put out a story about how much the government has spent so far this year -- $1.505 tillion -- after Wednesday's release of the February Monthly Treasury Statement: Two of the three major wire services failed to report that obviously important number, and the third saved it for their writeup's final sentence.

What follows are excerpts from the respective Wednesday reports at Bloomberg, Reuters and the Associated Press.

By Randy Hall | March 8, 2013 | 12:08 AM EST

Liberal columnists don't need much information to brand Republicans as extremists. Among their meager requirements are an analogy taken out of context or a false extrapolation of something a GOP official said.

A recent example of this is an article by Bloomberg News Washington editor Al Hunt, who twisted a remark made by Rep. Steve King to declare the Iowa Republican a “fringe fanatic” because he said the United States gets “the cream of the crop” of legal immigrants and compared that to getting “the pick of the litter” when choosing a bird dog.

By Kyle Drennen | February 22, 2013 | 5:03 PM EST

Appearing on Friday's Andrea Mitchell Reports on MSNBC to discuss the upcoming budget sequestration, Bloomberg View columnist Margaret Carlson touted President Obama's ability "to manipulate some of these cuts so that they're going to hurt and people are going to see them," in order to put pressure on congressional Republicans. [Listen to the audio or watch the video after the jump]

Carlson then proclaimed: "I think we'll start hearing, you know, squeals, when, as [Transportation Secretary] Ray LaHood predicts, you know, we see those first lines at the airport. And it may even hurt, you know, those wealthy Republicans who don't have private jets, when air traffic control and the transportation security lines grow longer."

By Tom Blumer | February 16, 2013 | 8:10 PM EST

On Friday, Renee Dudley at Bloomberg News exposed the contents of February 12 internal emails revealing that Walmart executives are worried -- very worried -- about sales during the first 10 to 14 days of the its most current fiscal period (mostly likely either the first 10 days of February if the company works with calendar months, or 14 days if it began the second period of the fiscal year on Monday January 28).

Their primary concerns are the payroll tax hike and delayed tax refunds, but they may also need to start worrying about higher gas prices (bolds are mine):

By Tom Blumer | February 2, 2013 | 6:38 PM EST

Following the governmemt's Employment Situation Summary yesterday, two words were noticeably absent at the Associated Press (here, here, and here), Bloomberg, Reuters, CNBC, and the New York Times: "seasonally adjusted."

While they told their readers of the number of jobs supposedly added in total (157,000) and in other sectors, the fact remains that in the real world, before seasonal adjustment, the government told us, as is the case every January, that employment declined steeply. In January 2013, the government estimates that 2.84 million jobs were lost.

By Tom Blumer | January 24, 2013 | 11:27 PM EST

For the second week in a row, actual (i.e., not seasonally adjusted) unemployment claims as reported by the Department of Labor came in greater than the analogous week in 2012. 

At the same time, and also for the second week in a row, the department's seasonally adjusted claims number -- the only one the business wire services ever specifically identify in their reports -- came in lower. In today's instance, raw year-over-year claims were almost 5 percent higher than the same week a year ago, but the year-over-year seasonally adjusted figure came in 11 percent lower. That's bad enough, but then the wires compounded the problem by running with indefensible conclusions based on DOL's contradictory data.

By Tom Blumer | January 17, 2013 | 10:49 AM EST

None of the three major wire services covering today's report from the Department of Labor on initial unemployment claims is reporting the major news: For the first time in a long while, actual claims filed during the most recent week ended January 12 were almost 6 percent higher than the number filed during last year's comparable week, an indication that the current employment market may be worse than it was a year ago. Instead, all three are headlining how today's questionably created seasonally adjusted claims number is the lowest in five years.

Both weeks had five business days. Both weeks represented the first such week in the new year. So how did higher raw claims result in the lowest seasonally adjusted claims number in five years, a number which is 8 percent lower than last year's comparable week? The answer, as will be seen after the jump, is that the seasonal adjustment factor used this year is sharply higher than the one used last year.

By Ryan Robertson | December 13, 2012 | 5:21 PM EST

There has been no shortage of deceptive ads, factually-distorted statements, and outright fabrications from the political left over the campaign year to choose from, but leave it to the Tampa Bay Times's PolitiFact to give its "Lie of the Year" award to the Romney campaign. The now infamous "falsehood" in question was Romney's claim that Jeep was planning on moving production of some of its vehicles to China. This was in fact technically true, but PolitiFact trademarked it as its "Lie of the Year."

In a fit of glee, multiple left-leaning news outlets have promoted the proclamation, including of course, MSNBC. [video below, MP3 audio here ]:

By Tom Blumer | December 13, 2012 | 4:24 PM EST

Today's news from the Department of Labor on initial weekly unemployment claims was supposedly good -- as long as one doesn't scratch beneath the surface. Journalists used to do that. Today they didn't.

All one had to do is reach the third paragraph of DOL's release to realize that today's seasonally adjusted claims number of 343,000, touted as the lowest in two months in several news reports, was suspect. That paragraph told us that the 428,814 actual claims filed during the week ended December 8 were barely lower than the 435,863 claims seen in the week ended December 10, 2011, last year's comparable week; today's result only occurred because this year's seasonal adjustment factor was significantly different from last year's. I believe that this year-over-year drop of less than 2% in raw claims is the smallest weekly difference in a week not affect by storms or holidays this year. In other words, it really is news -- but not in the business press, which runs with the government's seasonally adjusted data and almost never looks any further. Examples follow the jump.

By Tom Blumer | December 11, 2012 | 10:41 AM EST

The first entirely post-election reading from the University of Michigan-Thomson Reuters consumer confidence survey came out on Friday. It was awful. As reported at MarketWatch, the overall index "fell to 74.5 from 82.7 in November," far below expectations of 82.0, representing "the biggest one-month drop since March 2011." Zero Hedge noted that it's the "biggest miss on record" compared to expectations.

Of course, in Establishment Medialand and with the analysts they chose to consult, the plunge has everything to do with the "fiscal cliff," and nothing to do with the reelection of President Obama to a second four-year term or his intensely partisan conduct since then. Sure, guys.