On Thursday morning, the U.S. Bureau of Economic Analysis released the third-quarter gross domestic product (GDP) numbers which reportedly showed that the United States economy grew 2.6 percent in the third quarter. Predictably the three evening news networks hyped the supposedly good news for their friends in the Biden administration and ignored the real reason for the positive economic growth despite the two past quarters being negative. The 3rd quarter numbers were almost entirely due to U.S. trade exports, not due to the health of the economy at large.
ABC's World News Tonight anchor David Muir began carrying water for the Biden administration and embattled Democrats running in this year's midterm elections by spinning the seemingly good numbers: "President Biden in Syracuse, New York, celebrating the new numbers on the economy today," Muir noted.
Hyping the numbers, Muir went on to report that "the gross domestic product, of course, a measure of goods and services produced increasing 2.6 percent this last quarter." Later on in the segment, he spoke to correspondent Terry Moran and gushed that "these were encouraging GDP numbers today."
Meanwhile, on CBS Evening News, anchor Norah O'Donnell did her part to spin for the Biden administration:
The U.S. economy rebounded slightly in recent months. It snapped two straight declining quarters, growing at an annual rate of 2.6 percent from July to September. But there are still troubling signs. The average interest rate for a 30-year fixed mortgage now tops 7 percent for the first time in more than 20 years.
NBC Nightly News came the closest to acknowledging reality when White House correspondent Kelly O'Donnell mentioned the trade exports as part of the reason for the positive GDP numbers. However, she falsely credited consumer spending and a strong job market for the positive numbers.
"A surprise rebound. The U.S. Economy grew from July to September. The nation's gross domestic product posting 2.6 percent growth after shrinking in the first half of this year," O'Donnell swooned before claiming that it was "fuelled by consumer spending, exports, and a strong job market."
Back in reality, on Fox News Channel's Special Report, Jacqui Heinrich told viewers the truth about the state of the economy: "At first glance, today's GDP Report suggests the U.S. Economy is turning around after two consecutive quarters of negative growth," Heinrich prefaced. "But a closer look shows the 2.6 percent growth was driven by fluctuations in international trade, not reflecting the underlying health of the economy and increased government spending."
This spin of Thursday's GDP report by the three networks was made possible by Verizon on ABC, Fidelity on CBS, and Prevagen on NBC. Their information is linked.
To read the transcript of each segment click "expand":
FNC’s Special Report
10/27/2022
6:01:15 p.m. EasternJACQUI HEINRICH: Good evening, Bret. The President is in Syracuse touting his administration’s investment in U.S. manufacturing and praising today's economic report. But the data is not what it seems on the surface.
PRESIDENT JOE BIDEN: Great economic report today. The GDP report. Things are looking good.
HEINRICH: At first glance, today's GDP Report suggests the U.S. Economy is turning around after two consecutive quarters of negative growth. But a closer look shows the 2.6 percent growth was driven by fluctuations in international trade, not reflecting the underlying health of the economy and increased government spending. Economists think both will drop off in quarter four. Moreover, consumer spending is slowing as inflation climbs faster than wages. Moody's chief economist with a much different take than the president.
MARK ZANDI (MOODY’S ANALYTICS CHIEF ECONOMIST): If you take a step back and look at GDP it's gone effectively nowhere over the past year. So, one quarter or two it's down a bit. This quarter it's up a little bit. But net-net, we are kind of treading water.
ABC’s World News Tonight
10/27/2022
6:40:24 p.m. EasternDAVID MUIR: We're going to turn next here to the economy tonight. President Biden in Syracuse, New York, celebrating the new numbers on the economy today. Unexpected good news on GDP. The gross domestic product, of course, a measure of goods and services produced increasing 2.6 percent this last quarter. The President saying the deficit now cut by $1.4 trillion this year. The President in Syracuse to highlight a pledge by the U.S. company Micron to invest up to $100 billion to build semiconductor facilities in central New York, creating jobs and making those chips in America.
[...]
6:41:11 p.m. Eastern
MUIR: And Terry, Americans of course still dealing with inflation, but these were encouraging GDP numbers today. The president obviously trying to make the case for voters here with 12 days until the midterms, to stay the course, that he points to these GDP numbers, saying this is the right policy and that a change in course would not be good at this point, but it's a tough case to make.
CBS Evening News
10/27/2022
6:36:43 p.m. EasternNORAH O’DONNELL: The U.S. economy rebounded slightly in recent months. It snapped two straight declining quarters, growing at an annual rate of 2.6 percent from July to September. But there are still troubling signs. The average interest rate for a 30-year fixed mortgage now tops 7 percent for the first time in more than 20 years.
NBC Nightly News
10/27/2022
7:03:08 p.m. EasternKELLY O’DONNELL: A surprise rebound. The U.S. Economy grew from July to September. The nation's gross domestic product posting 2.6 percent growth after shrinking in the first half of this year. Fuelled by consumer spending, exports, and a strong job market. The president in Syracuse, New York, urged voters to reject a Republican takeover of congress.
