Feb. Home Sales Dive: Press Ignores Realtors' Concerns About Economy

March 21st, 2016 4:10 PM
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…

Press Euphoria Over Jobs Report Blows Off Lower Hourly Pay, Earnings

March 5th, 2016 8:27 PM
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…

AP Howler: 'Demand For Housing Has Recovered' Since Recession

February 24th, 2016 9:55 PM
In the context of his pathetic writeup on the government's disappointing report on January new-home sales, Josh Boak at the Associated Press had the nerve to claim that "demand for housing has recovered over the course of the 6 ½-year recovery from the recession." Wow. Who knew that the industry has made it all the way back to an acceptable level at long last? The obvious…

At AP, Economy's Good-News Story Sticks; Bad News Disappears (UPDATED)

February 23rd, 2016 5:43 PM
Two important economic reports came out today at 10 a.m. One had relatively good news, while the other was a definite downer. At 2:43 p.m., the good-news item was still listed second at the Associated Press's list of Top 10 business stories, while the bad-news item was gone. That's all in a day's work of news manipulation at what should be called the Administration's Press…

Not News: January's Raw Job Losses Were the Third-Worst on Record

February 9th, 2016 8:56 AM
On Friday, in its January Employment Situation Summary, the government's Bureau of Labor Statistics served up a stack of lemons disguised as lemonade. President Barack Obama declared in a tweet that "We've recovered from the worst economic crisis since the 1930s," and the press dutifully fell in line. The BLS reported that the economy added seasonally adjusted 151,000 payroll…

Barely News: Big-Rig Orders Are in a Steep, Year-Long Decline

February 3rd, 2016 11:24 PM
One of the economy's more important bellwethers has been on a steep year-long decline which shows no signs of abating this year. It's barely news, and much of the sparse reporting seen has been incomplete and sloppy. Truckinginfo.com reported today that "January was a tough month for truck manufacturers as Class 8 truck orders were down 35% compared to the previous month, according…

AP: 'Americans Rushed to Buy New Homes in Dec.' — A Whole 38,000

January 28th, 2016 8:32 AM
The hype machine was in overdrive at the Associated Press on Wednesday as economics reporter Josh Boak covered the government's mid-morning release on new-home sales. Boak opened by writing that "Americans rushed to buy new homes in December at the strongest pace in 10 months." Good heavens, we're talking about only 38,000 individuals or families, or about 0.031 percent of the…

AP Learns That the Obama Era Has Hurt the Poor, Won't Call Him Out

January 15th, 2016 7:16 AM
The Brookings Institution, the leftist think tank, is wailing and gnashing its teeth over its finding that in many metro areas, "income inequality," their favorite bogeyman, is being "driven by declining incomes" among their poorest residents. The problem isn't so much that the rich are getting richer as it is that the poor are getting poorer. As a result, "Inequality…

AP Highlights One Piece of Good Economic News, Buries 3 Weaker Ones

January 6th, 2016 4:29 PM
Today was a fairly brisk day for economic data, as four noteworthy reports were released. One of them contained good news, but with a heavy asterisk. The other three were either not good, period, or came in below expectations. Readers here probably know which one the Associated Press was still carrying at its Top Business Stories page as of 2:39 p.m. Of course, it was the one with good news…

On Economy, AP Wraps Year With Two Weak Stories and a Glaring Omission

December 31st, 2015 3:50 PM
This week, the Associated Press wrapped up a year of largely pathetic business reporting with three items exemplifying the wire service's habits of data-twisting, sloppiness, and convenient omissions. A deceptive AP post-Christmas story pretended that Christmas-season "spending" was twice as high as anyone else has predicted. A report on pending home sales omitted a concerned…

AP Continues to Push Bogus 'New Normal' Benchmark For New-Home Sales

December 23rd, 2015 1:28 PM
The Census Bureau reported today that new-home sales in November came in at a seasonally adjusted annual rate of 490,000. That was a 4.3 percent increase over October, but it only occurred because October was revised steeply downward by 25,000 to 470,000; August and September were also revised slightly downward. Actual sales were 34,000, the highest November figure during the Obama era but lower…

Absurd Reuters: Today's Homebuilding News 'Signals Economic Strength'

December 16th, 2015 11:51 PM
Reuters and reporter Lucia Mutikani went way overboard today in reacting to today's residential construction news from the Census Bureau. Mutikani's headline contended that today's "housing data signals economic strength," while a section title claimed that there are "strong housing fundamentals." That can only possibly be true if one believes the world began in…

AP's Boak Says New-Home Sales 'Recovered' In October; No They Didn't

November 28th, 2015 10:16 AM
On Wednesday, the Associated Press's Josh Boak added to the wire service's collection of weak "Getaway Day" business journalism by declaring that new-home sales "recovered in October." No they didn't. The seasonally adjusted annual rate of 495,000 units reported by the Census Bureau was the fourth-lowest monthly level seen this year, even well below the 521,…

AP: Consumer Confidence Drop Occurred Despite 'Strengthened' Economy

November 24th, 2015 3:09 PM
There was yet another sighting of the U-word ("unexpectedly") in connection with disappointing economic news today. Bloomberg News, which most frequently employs the word, told readers that "Consumer confidence unexpectedly declined in November to the lowest level in more than a year as Americans grew less enthusiastic about the labor-market outlook." Expectations were that…