By Tom Blumer | April 27, 2016 | 12:08 PM EDT

Just in time for tomorrow's first-quarter economic growth announcement from the government, Bloomberg Businessweek's Economics Editor is telling readers: "Don't Sweat America's Upcoming Microscopic GDP Growth."

Besides, Peter Coy writes, people need to get used to the supposedly inescapable fact that "Normal growth for the U.S. economy is just a lot lower than it used to be." Americans shouldn't worry, even if tomorrow's GDP figure shows a small contraction (perhaps indicating that Mr. Coy has been tipped to the fact that it will be). The key, the glib Mr. Coy contends, is to understand that "Happiness is all a matter of lowering expectations."

By Tom Blumer | April 26, 2016 | 12:33 PM EDT

Today's stories at the business wires covering this morning's disastrous durable goods report from the Census Bureau ranged from good to absolutely horrid. March orders only increased by a seasonally adjusted 0.8 percent, less than half of the 1.7 percent to 2.0 percent increase that was expected. Additionally, February's originally reported decline of 2.8 percent was revised down to -3.1 percent.

Victoria Stilwell's dispatch at Bloomberg News earned a B-minus. Lucia Mutikani's writeup at Reuters rated a C-minus. As usual, the coverage at the Associated Press, aka the Administration's Press, delivered by Martin Crutsinger, the nation's unofficial "Worst Economics Writer," brought up the rear and earned an "F."

By Tom Blumer | April 22, 2016 | 9:50 PM EDT

Solary energy company SunEdison filed for bankruptcy on Thursday. According to Reuters, the company's stock traded as high as $33.44 in July 2015. The stock closed at 22 cents today. Nine years ago, the company's market value was over $17 billion. According to the Associated Press, in July of last year it was still worth $10 billion.

The losses aren't limited to investors, however, a fact that the establishment press has ignored in its SunEdison bankruptcy reports. As Roberty Bryce detailed at National Review on April 4 when the company's bankruptcy began to appear unavoidable, taxpayers have also seen lots of money go down the drain at SunEdison and another bankrupt renewables company — ten times what was lost in the $500 million Solyndra bankruptcy (bolds are mine):

By Tom Blumer | April 19, 2016 | 11:38 PM EDT

In another blow to the U.S. and worldwide economy, chipmaker Intel announced today that it is reducing its worldwide workforce by 12,000 people, a cut of 11 percent.

Of course, there are tech-related reasons why the company made the move, most notably the shift by some users to tablets and smartphones, where the company's market penetration has been weak and almost non-existent, respectively, as their everyday "computing" devices. But the press is completely ignoring why so many users of aging PCs are holding out against buying a new one until their current units die: they don't have the money to replace them. Why? Because economic growth throughout the world, including the U.S., has been stagnant and is showing signs of getting weaker — possibly much weaker.

By Tom Blumer | April 19, 2016 | 11:21 AM EDT

The government reported this morning that seasonally adjusted March housing starts and building permits fell by 8.8 percent and 7.7 percent, respectively, far worse declines than analysts and economists predicted.

After the report, the business wires at least communicated the facts accurately, but continued to insist almost to the point of editorializing that there's no reason to be worried about the long-term direction of housing market or the overall economy.

By Tom Blumer | April 13, 2016 | 11:45 AM EDT

Today's report from the government on retail sales was awful — "unexpectedly" so, according to both Bloomberg and Reuters. Following on the heels of a 0.4 percent seasonally adjusted decline in January and a flat February, March sales fell by 0.3 percent.

Two of the three main U.S. business wire services blamed the American people, not the worst post-recession economy since World War II during the Obama administration — an economy which is clearly weakening even further — for these results.

By Tom Blumer | March 28, 2016 | 1:39 PM EDT

For the past month, the conventional wisdom about the U.S. economy has been that consumer spending and "(not really) robust" job growth will continue to prop up the economy, even as weaknesses in manufacturing, trade and other areas continue to present problems. President Obama bragged in early March that the economy is "pretty darned good now."

Today, the first of those two pillars got pulled. The countless press reports during the past 4-1/2 weeks which reassured readers that consumer spending started off the year strong — conveniently during the peak presidential primary season — are now rubbish. Today, we learned that January's originally reported 0.5 percent spike, revised down to 0.1 percent, was almost entirely fictional, and that February was also weak. Despite the disappointing news, most press reports found some "expert" who, with little genuine basis, expects a rebound.

By Tom Blumer | March 21, 2016 | 4:10 PM EDT

Ridicule by media critics has apparently made some headway against the business press's annoying habit of describing bad news about the economy as having occurred "unexpectedly." Now they seem to be reserving the "U-word" for unexpected improvements, which haven't been seen very much during the past seven-plus years.

Instead, reacting to today's bad news from the National Association of Realtors, which reported that seasonally adjusted existing homes sales dropped by 7.1 percent in February, Bloomberg News said that they "dropped more than forecast." Reuters opened with "U.S. home resales fell sharply," saving specific comparisons to forecasts for a much later paragraph. The Associated Press, which rarely even recognizes the existence of such forecasts, stuck to that posture. AP and Bloomberg both deliberately ignored a red flag about the overall health of the economy the realtors' group included in its narrative. Reuters grudgingly cited worries about the economy as "potentially troubling."

By Tom Blumer | March 9, 2016 | 4:11 PM EST

Actual sales at the wholesale level in January, as reported today by the Census Bureau, fell sharply from December. That's to be expected. But this time was different — really different, because the drop was to a level lower than January 2012, i.e., four years ago.

Four press outlets which covered today's release either missed (or ignored) this shocking news. They only told readers about what happened with the seasonally adjusted data — which, while still pretty dismal, didn't look quite as awful.

By Matthew Balan | March 8, 2016 | 5:17 PM EST

As of Tuesday morning, ABC, CBS, and NBC's morning and evening newscasts have yet to cover the attack by suspected ISIS gunmen in Aden, Yemen on Friday which left 16 people dead — including four nuns of Mother Teresa's order — at a nursing home. According to a Friday article by the New York Times, the deceased Nobel Peace Prize winner founded the home, which was "one of several care facilities in Yemen established by Mother Teresa beginning in the 1970s."

By Tom Blumer | March 5, 2016 | 8:27 PM EST

The press is mostly thrilled over yesterday's Employment Situation Summary from the government, which reported that the unemployment rate stayed at 4.9 percent and that the economy added 242,000 seasonally adjusted payroll jobs. President Barack Obama took the opportunity to take what CNBC's Jeff Cox described as "a victory lap ... in Friday remarks to the media."

Well, why not? Obama was secure in the knowledge that the establishment press would mostly play along, even though February's larger number of private-sector workers put in 16 million fewer hours per week and earned $540 million fewer dollars per week than those who were employed in January.

By Tom Blumer | February 28, 2016 | 4:37 PM EST

The simmering feud between the Democratic Party establishment and leftists who believe that the Democratic National Committee (DNC) has acted more like "Democrats Nominating Clinton" than a genuine political party presenting viable alternatives to Hillary Clinton, visibly erupted today.

This morning, Hawaii Congresswoman Tulsi Gabbard resigned her position as Vice Chair at the DNC and immediately endorsed Bernie Sanders for President. Reuters jumped on the news quickly, and has a seven-paragraph story. The New York Times has also devoted a story to the matter. By contrast, the Associated Press posted a brief blurb in a running timeline at 9:55 this morning, and has reported nothing since, effectively burying the news so deep that almost no one will see it. Perhaps AP is awaiting word from either Team Clinton or the White House as to what they're going to be allowed to report.