Network news coverage of the July CPI report, with its slightly lower rate of inflation growth, has garnered somewhat mixed coverage across the dial, with reports ranging from sycophantic to factual.
The worst of these, of course, comes from the most Biden-Harris friendly network: ABC, which devoted itself to hailing the developments and selling hope of a September rate cut while completely glossing over the pain families are still feeling. Here’s a brief sample from Senior White House Correspondent Selina Wang’s reporting:
SELINA WANG: Tonight, promising news on the economy. The inflation rate cooling, falling below 3% for the first time in three years, since early in President Biden's presidency. Consumer prices rising 2.9% in July compared to a year ago. The cost of used cars and trucks, medical care, and airfare down. And Americans may finally get some relief at the grocery checkout. Those prices rising by only 1.1% from last year. The president saying it's proof his policies are working.
REPORTER: Has the U.S. beat inflation?
JOE BIDEN: Yes, yes, yes. I told you we were going to have a soft landing, and we're going to have a soft landing. My policies are working. Start writing that way, okay?
This snippet is sandwiched between a classic David Muir framing introduction, excessive in length and nearly rendering the report redundant, and Wang’s conveyed hopes for a rate cut. There is very little in the way of explaining how Americans are affected by inflation, and a lot of Biden cheerleading.
Over at CBS, there was a bit more of an attempt to understand people who may be feeling the squeeze. Take note of this exchange with an entrepreneur in Burbank, CA;
JO-LING KENT: Mom of four Shauna McDonnell says her annual back-to-school shopping trip cost more this year.
SHAUNA McDONNELL: Tape, staples.
KENT: She's been bargain-hunting, looking for the best deals for her second-grader, Willow.
How does it feel, spending this year versus last year?
McDONNELL: I never used to think about it, but now it's, yeah, you've got to think about it. Everything is so expensive.
CBS actually aired the voter’s concern about inflation, and its effect on prices. The same goes for NBC, which also offered a more detailed explanation of where people are most affected by inflation:
CHRISTINE ROMANS: But weary Americans like Jennifer Bryant from Arkansas say they still aren't feeling it.
JENNIFER BRYANT: I haven't noticed that.
ROMANS: That's because falling inflation does not mean falling prices. Grocery prices still up more than 20% over four years, housing up 22%. Home insurance up nearly 15%. Auto insurance rates up 50% from 2020.
BRYANT: All of my bills, insurance for the home, the car, everything has gone up this year.
Inflation is clearly going to remain an issue for this election. It appears that at least some of the networks are attempting to report on the actual mood of the voters regarding this issue, even if others still insist on repeating campaign talking points.
Click “expand” to view the full transcripts of the aforementioned reports as aired on their respective network newscasts on Wednesday, August 14th, 2024:
ABC WORLD NEWS TONIGHT
ABC WORLD NEWS TONIGHT
8/14/24
6:36 PM
DAVID MUIR: The other major story tonight, the U.S. economy and inflation, some good news today. For the first time since early in President Biden's presidency, inflation dropping to below 3% now. Consumer prices rose 2.9% in July compared to a year ago, below 3% for the first time now since March of 2021. What the report today shows about prices from groceries to cars, and what this could all mean, with the potential rate cut from the Fed now on the horizon. Here's ABC's Senior White House Correspondent Selina Wang tonight.
SELINA WANG: Tonight, promising news on the economy. The inflation rate cooling, falling below 3% for the first time in three years, since early in President Biden's presidency. Consumer prices rising 2.9% in July compared to a year ago. The cost of used cars and trucks, medical care, and airfare down. And Americans may finally get some relief at the grocery checkout. Those prices rising by only 1.1% from last year. The president saying it's proof his policies are working.
REPORTER: Has the U.S. beat inflation?
JOE BIDEN: Yes, yes, yes. I told you we were going to have a soft landing, and we're going to have a soft landing. My policies are working. Start writing that way, okay?
WANG: The news comes just weeks before the Fed prepares to hold a key meeting, already signaling a rate cut could come as soon as September. That could affect interest rates for mortgages, credit cards, and car loans. And tonight, The White House is saying that there's more work to be done. That prices are still too high for many Americans. Biden has made clear that lowering costs for Americans is a top priority for the last few months of his presidency. That will be the focus of his event tomorrow in Maryland, and Vice President Harris will be right there with him. David.
MUIR: Selina Wang at The White House tonight. Selina, thank you.
CBS EVENING NEWS
CBS EVENING NEWS
8/14/24
6:34 PM
MAJOR GARRETT: There is good news on the economy tonight with inflation falling to its lowest level in more than three years. This makes it more likely that the Federal Reserve will cut interest rates next month. But, as Senior Business and Technology Correspondent Jo Ling Kent reports, Americans are still frustrated with higher prices on some everyday items.
JO-LING KENT: Mom of four Shauna McDonnell says her annual back-to-school shopping trip cost more this year.
SHAUNA McDONNELL: Tape, staples.
KENT: She's been bargain-hunting, looking for the best deals for her second-grader, Willow.
How does it feel, spending this year versus last year?
McDONNELL: I never used to think about it, but now it's, yeah, you've got to think about it. Everything is so expensive.
KENT: This reality comes as new inflation data show consumer prices rose 2.9% in July over the last year. Dropping below 3% for the first time since 2021. It was better than what economists expected, driven by lower prices for gas and used cars, but monthly expenses like rent, auto insurance, and electricity remain stubbornly high compared to last year, stretching budgets even thinner. The Biden administration acknowledging the pain.
JARED BERNSTEIN: You know, I have three words for people who feel the way you just said, which is we hear you.
KENT: Does this inflation report increase the chances of a bigger rate cut from the Federal Reserve?
BETSEY STEVENSON: You know, we’ve seen inflation come down, and we have seen more worrying reports on the employment side. I would guess that a slightly bigger cut is more on the cards today than it was yesterday.
KENT: McDonnell, who also owns this crystal shop in Burbank, says that even though inflation has cooled off, her bottom line hasn't warmed up.
McDONNELL: That tells me one thing. It's like, it’s not quite better yet. So I think we still have a ways to go.
KENT: Looking ahead, this inflation report, coupled with the cooling labor market, has set the stage for the Federal Reserve to answer a critical question next month: Whether to cut the benchmark interest rate by a quarter-point or a half point. It's currently at 5.3%. Major.
GARRETT: A critical question, indeed. Jo-Ling Kent, thanks so much.
NBC NIGHTLY NEWS
NBC NIGHTLY NEWS
8/14/24
6:31 PM
LESTER HOLT: Good evening. It has forced tough conversations around kitchen tables, shadowed the presidential race, and generally united Americans in a shared frustration. But tonight there is welcome news to report about the economy. Consumer price growth in July slowing to 2.9%. It's the lowest rate since the pandemic and a strong signal that inflation is loosening its grip. President Biden welcoming the news but tempering his enthusiasm noting, “we have more work to do”. In fact, things like housing costs and child care remain stubbornly high, but used cars, airfares and gasoline prices are dropping. Groceries virtually flat. The cooling inflation numbers are widely expected to cause the Fed to lower interest rates when its board meets in September, even as mortgage rates have started to fall in recent weeks. The lingering question, is the relief detailed in today's report being felt at home? Christine Romans puts it all in perspective for us.
CHRISTINE ROMANS: Tonight, a big sign that help for inflation-weary consumers is on the way.
REPORTER: Has the U.S. beat inflation, Mr. President?
JOE BIDEN: Yes, yes, yes. I told you we're going to have a soft landing. We’re going to have a soft landing…
ROMANS: President Biden touting the new numbers out today, showing that for the first time since March 2021, inflation has dropped below 3%. Consumer prices rose just 2.9% compared to last year. Inflation clearly retreating from the peak of just over 9% two years ago. And prices for airfares, used cars, and apparel are falling. And inflation at the grocery store has improved dramatically. But weary Americans like Jennifer Bryant from Arkansas say they still aren't feeling it.
JENNIFER BRYANT: I haven't noticed that.
ROMANS: That's because falling inflation does not mean falling prices. Grocery prices still up more than 20% over four years, housing up 22%. Home insurance up nearly 15%. Auto insurance rates up 50% from 2020.
BRYANT: All of my bills, insurance for the home, the car, everything has gone up this year.
ROMANS: It's hard to know when the public's mood improves. Wages, after all, have been rising faster than inflation for 17 months now. So, now all eyes are on the Federal Reserve.
DAVID KATZ: We think the economy is doing okay. We don't see us going into a recession right now, and we do see the Fed starting to lower rates in September.
ROMANS: Cooling inflation means the Fed may start cutting interest rates, taking more pressure off family budgets.
BRYANT: I really think we all deserve a break and hopefully we can reap the benefits of that.
HOLT: Christine, can we talk for a second about mortgage rates? We're seeing bright spots there, even ahead of today's news.
ROMANS: That's right down to about 6.5% for the 30-year fixed rate mortgage, and that is causing people to rush out and refinance. Mortgage refinancing applications up 35% last week. They’re double from last year.
HOLT: All right. Christine Romans. Thanks so much.
