There must have been a double delivery of Obama administration koolaid over at Bloomberg News this morning.
The business wire service, which ordinarily is slightly less imbalanced in its business and economics reporting than the Associated Press, somehow interpreted a 6.5 percent seasonally adjusted decline in housing starts during May and a nearly identical percentage drop in building permits — with both figures lower than May 2013 — as evidence that "the homebuilding industry stabilized after a first-quarter swoon." That's ridiculous. The first quarter was supposedly as bad as it was because of bad winter weather; so there should have been an overcompensating bounceback. It hasn't happened. Meanwhile, that second Bloomberg koolaid delivery must have been the one meant for AP, whose Josh Boak turned in a report noteworthy for its unusual sobriety (bolds are mine throughout this post):
On Friday, the government's Bureau of Labor Statistics reported that the economy created 175,000 seasonally adjusted jobs in February, with 162,000 of the additions occurring in the private sector.
That result exceeded expectations of roughly 150,000, and caused the business press to sing odes of high praise to an economy that was amazingly overcoming this year's difficult winter weather. Unfortunately, as readers will see after the jump, February's raw results demonstrate that it was all an illusion.