By Tom Blumer | November 28, 2015 | 10:16 AM EST

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 521,000 and 545,000 reported in the supposedly unprecedentedly awful winter months of January and February, respectively. Boak also claimed that "Americans recovered much of their appetite for owning new homes this year," even though current levels are at best about 70 percent of what one would expect in a pre-"new normal" healthy market.

By Tom Blumer | November 27, 2015 | 11:24 PM EST

Twenty years of economic growth averaging less than 1 percent have failed to convince Japan's leaders — and apparently its citizens — that Keynesian-style government spending and handouts are not the answer to turning that long-suffering nation's economy around.

So the Shinzo Abe government, fresh from learning that the country is in yet another recession — its fifth since 2008 — is doing more of the same, while counting on press shills around the world like the Associated Press's Elaine Kurtenbach to be gentle in their coverage. Kurtenbach cooperated as expected early Friday morning (bolds and numbered tags are mine):

By Tom Blumer | November 27, 2015 | 7:00 PM EST

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 Durable Goods report, Crutsinger praised its one-month seasonally adjusted increases in new orders and shipments. While that news was welcome, the AP reporter ignored the ugly fact that October's actual (i.e., not seasonally adjusted) year-over-year figure was lower than October 2014, marking the seventh straight month of year-over-year declines. He also didn't address shipments, which have been flat compared to to the same month last year for the past four months, at all.

By Tom Blumer | November 27, 2015 | 12:49 PM EST

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 significantly downward.

Perhaps because they were all in a pre-holiday hurry, the headline writers at the Associated Press and AP economics writer Martin Crutsinger had fundamentally different takes on the news. Additionally, Crutsinger was apparently in such a rush that he didn't worry about the fact that his first two paragraphs' characterizations of the result disagreed. Finally, the AP reporter failed to note that total consumer spending in October was lower than what was originally reported in September after the previously mentioned downard revisions.

By Mark Finkelstein | November 25, 2015 | 8:19 AM EST

You name the problem, Tom Friedman's got the answer: raise taxes on gasoline. Looks like Tom Brokaw's caught Friedman's gas-tax raising fever.

On today's Morning Joe, Brokaw proposed, as part of fighting the war on terror, raising gas taxes by five cents per gallon. Brokaw argued that it is wrong that the burden of fighting falls on just 1% of Americans, and that the result of his tax increase would be that "every time you go to the pump you have to think about what's going on elsewhere."  For liberals, any event is a good excuse to do the thing they love best: raising taxes.

By Tom Blumer | November 24, 2015 | 11:31 PM EST

As we head into the Christmas shopping season, yours truly regrets to inform readers that the relative frequency of late-November media mentions of the "Christmas shopping season" is at the lowest level in all of the years I have been tracking it — probably meaning that it's at an all-time low, period.

This is Year 11 of an effort which began in 2005. Each year has involved Google News searches on "Christmas shopping season" and "holiday shopping season" (both terms in quotes). In the past few years, after Google News merged its archive with its regular one-month news results, I've made sure to only search on the past month. As seen in the graph which follows, this year's result is down to one "Christmas" mention for every 16.5 "holiday" mentions:

By Tom Blumer | November 24, 2015 | 6:32 PM EST

Call it the triumph of the "new normal."

At Reuters today, after today's first revision of third-quarter gross domestic product showed that the economy grew by an annualized 2.1 percent, up from the late-October estimate of 1.5 percent, reporter Lucia Mutikani and Editor Paul Simao demonstrated that they have completely given in to the artificially lowered expectations of past seven miserable years. Despite the fact that annual growth in the U.S. economy averaged 3.4 percent from 1946-2007 — a period which included ten recessions — and that it has seen four-year spurts averaging over 4 percent several times in the past three decades, the Reuters pair claims that its "long-run potential" is now only 2 percent, thus making today's 2.1 percent result "respectable."

By Tom Blumer | November 24, 2015 | 3:09 PM EST

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 confidence would increase from October's value of 99.1 to between 99.6 and 101.0, not drop like a rock in just one month by almost 9 percent to 90.4. Over at the Associated Press, aka the Administration's Press, Economics writer Josh Boak clearly wanted his readers to believe that the news was a one-off "curveball" in an economy which he contended "has strengthened by many measures over the past month." All one can say is that he must not be looking at the same economy as the rest of us.

By Tom Johnson | November 24, 2015 | 11:25 AM EST

Liberals sometimes say that law enforcement’s approach to the Mafia offers a model for how to deal with jihadists, even though the latter tend not to limit their demands to protection money. This past Sunday, Egberto Willies claimed that if terrorist attacks were “treated as they should be, like organized crime, it would neuter ISIS. After all…the group is no more powerful than a large band of thugs with weapons.”

But crimefighting methods weren’t the main concern of Willies’s piece. Rather, it was his belief that “neocons” wish to exploit fear of terrorism in order to start a war which would “transfer wealth from the masses to the few owners of the defense industrial complex.” Willies also ranted that conservatives don’t take a back seat to Islamist fanatics when it comes to lethality: “America's right-wing mass killers and gang bangers have killed more people in the West than ISIS has.”

By Tom Blumer | November 23, 2015 | 1:56 PM EST

Gosh, this gets tiresome.

Once again, with one noteworthy exception, the business press's virtually blind acceptance of seasonally adjusted economic data, and its accompanying refusal to look at the underlying raw data, led it to paint a deceptive picture of an important element of the economy. This time, it was existing home sales for October. The seasonally adjusted annual rate for October reported by the National Association of Realtors this morning is almost 4 percent higher than seen in October 2014. The trouble is, the raw sales data show an increase of less than 1 percent.

By Tom Blumer | November 21, 2015 | 12:38 AM EST

The press's reluctance to relay Obamacare-related bad news has been obvious for years. Nowhere is this more consistently the case than at the Associated Press, aka the Administration's Press.

Over half of the state non-profit co-ops set up under Obamacare with $2 billion-plus in taxayer funding are failing. The AP has generally treated those failures as local stories, even though they relate to the Affordable Care Act, the passage of which they still call President Barack Obama's "signature domestic achievement." Most of the other co-ops are either incurring huge losses, have become undercapitalized, or both. So watch, in context, how AP business writer Tom Murphy, in a dispatch primarily about UnitedHealth Group's announcement that "it is pulling back from its push into the Affordable Care Act's public insurance exchanges":

By Kyle Drennen | November 19, 2015 | 12:38 PM EST

Teasing an upcoming report that amounted to Obama administration propaganda on Thursday’s NBC Today, co-host Savannah Guthrie proclaimed: “Fighting for family leave....How one mom's courageous battle for more time at home made it all the way to the White House.”