Press Ignores Compelling Reason Why 4th Quarter GDP May Further Weaken
January 30th, 2016 9:24 PM
As has been its habit during the Obama administration when the economy turns in a poor performance, the press's coverage of yesterday's report on U.S. economic growth focused on how much better next quarter's news will supposedly be. Especially in this instance, the beat reporters and pundits should have looked at whether or not yesterday's initial result will hold up, or whether it's likely to…
Press Drags Out 'Warm Weather' to Excuse Poor Fourth-Quarter Growth
January 30th, 2016 10:25 AM
Friday morning, the government reported that the economy grew at a pathetic annual rate of 0.7 percent in last year's final quarter.
As it did in covering the disappointing Christmas shopping season, the business press partially blamed yesterday's awful result on the weather, i.e., warm weather.
AP Uses the Same Expert For Positive Words on Economy in Two Reports
January 28th, 2016 11:55 PM
The Associated Press may be down to one person in the whole wide world who will tell its economics reporters what they want to hear when the federal government releases economic data. That's what you almost have to conclude after reading the wire service's reports on two of Thursday's major releases, namely last week's initial unemployment claims and December's durable goods orders and shipments…
AP: Fed May Pause Increases, Only Because of 'Darker Global Economy'
January 25th, 2016 5:28 PM
Over the past several months, economics reporters at the Associated Press have told us time and time and time again that the U.S. economy is "largely insulated" from adverse economic developments overseas.
So why is the AP's Martin Crutsinger going along with the now-shifting conventional "wisdom" that Janet Yellen's Federal Reserve may have to defer implementing additional interest-rate…
AP Applauds 'Blistering Pace' in Jobs, Buries Awful Wholesale News
January 9th, 2016 8:47 AM
Yesterday at NewsBusters, Ken Shepherd noted how quickly and gleefully the New York Times jumped ("an impressive sprint capping off a year of solid job growth") on December's relatively strong jobs report.
The Associated Press joined the parade — "US EMPLOYERS HIRE AT BLISTERING PACE, DEFYING GLOBAL TRENDS" – and kept its story as its lead in its Business "Top Stories" until late afternoon.…
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.
AP Tries to Impress With Expected (i.e., Puny) 'Pickups' in GDP Growth
December 22nd, 2015 6:45 PM
Today's release from the government on economic growth estimated that the nation's Gross Domestic Product grew at an annual rate of 2.0 percent in the third quarter, a slight downward revision from November's estimate of 2.1 percent. This continues the economy's dismal, worst-since-World War II growth performance since the recession officially ended over six years ago.
But never fear. According…
As Usual, AP Report on Deficit Omits Far Larger National Debt Increase
December 11th, 2015 5:37 PM
For a change, Martin Crutsinger's coverage at the Associated Press of the federal government's November Monthly Treasury Statement wasn't completely full of rose-colored baloney.
Crutsinger managed to note how auto-pilot entitlement programs like Social Security and Medicare are bankrupting the country (not in those words, of course). That said, he somehow thought that highlighting a rare and…
AP Accentuates, Makes Up Positives in Covering Durable Goods Report
November 27th, 2015 7:00 PM
Ever since the White House changed hands almost seven years ago, press reports on the U.S. economy have annoyingly overaccentuated whatever positives reporters might find (or think they have found), while ignoring glaring negatives and omitting key items.
One example of such biased reporting came from the Associated Press's Martin Crutsinger on Wednesday. In covering the Census Bureau's October…
AP Headline, Opening Graf Disagree in Tagging Awful Consumer Spending
November 27th, 2015 12:49 PM
Economic news on Wednesday's pre-Thanksgiving "Getaway Day" was largely dismal. The government's report on October's personal income and outlays headed up the disappointing news. While incomes increased nicely — at a rate which needs to be repeated about two dozen more times before it can be seen as genuinely impressive — spending only rose by 0.1 percent, while prior months were revised…
AP Makes Report on October Deficit Almost All About Other Things
November 13th, 2015 6:02 PM
The federal government kicked off fiscal 2016 yesterday by reporting that its October deficit was $136.5 billion, 12 percent higher than the $121.7 billion shortfall seen in October 2014.
Single-month comparisons can be tricky because of timing differences, but the Associated Press's Martin Crutsinger noted that analyzing the results from this October and last October is an apples-to-apples…
AP Treats Increase in Already-Bloated Inventories As Positive
November 10th, 2015 7:54 PM
Today's "I'm just making stuff up on the fly" award nominee is Martin Crutsinger at the Associated Press.
The AP reporter, named by National Review's Kevin Williamson as America's "Worst Economics Writer" in 2013, lived down to his designation in a Tuesday report on the Census Bureau's September Monthly Trade Inventories and Sales release. He described a sales increase which didn't come close to…
AP Quickly Takes Story on Awful Factory Orders Off 'Top News' Page
November 3rd, 2015 5:37 PM
As is so often the case with such stories, one can tell how favorable or disappointing a government report on the economy was by whether a story about it is still present at the Associated Press's "Top Business News" page several hours after its release.
Today's news from the Census Bureau on September's factory orders and shipments, released at 10 a.m., was extremely disappointing. Thus, it is…
Not News: Mediocre Economy Has Cost Americans Thousands Each
October 31st, 2015 10:47 PM
On Thursday, the government reported that the nation's economy turned in yet another quarter of poor economic performance, estimating that its gross domestic product grew at an annual rate of 1.5 percent in the third quarter.
The business press almost universally downplayed the news, and told readers that the fourth quarter will be better. No one talked about how much the tepid growth of the…