Here's what should be an easy question: With data which has already been seasonally adjusted, what's more important — a) the fact that an index is a) up by 3 percent in the past year or b) the fact that it has fallen 5 percent in the past four months?
The correct answer is obviously b) — unless you're a writer for the Associated Press whose mission is to convince readers that the housing market, despite clear evidence to the contrary, is just fine. Therefore, the AP's Josh Boak chose a):
Wednesday night, an Associated Press reporter told us that it's the press's job to ask "tough, impertinent" questions like the ones moderators at Wednesday night's CNBC-hosted Republican debate were asking.
Ken Dilanian, who is apparently the AP's Intelligence Writer — seriously — really needs to consult a dictionary before he makes such a complete fool of himself. Here is what Dilanian tweeted at 10:32 p.m.:
Preparing the battlespace for tomorrow's report from the government on third-quarter Gross Domestic Product growth, the Associated Press's Martin Crutsinger early this afternoon told readers that we're likely to see "a subpar pace by any standard."
But we shouldn't worry, because the AP reporter contends that tomorrow's news will just be a temporary trough in this year's "dizzying roller coaster ride," and that the fourth quarter will once again bring the economy up to acceptable heights. To make his claim, Crutsinger naturally ignored myriad warning signs that a serious slowdown may be on the horizon. A decade ago, he was hyping other far less serious factors as evidence that the economy would be lucky to avoid a recession.
To err is human, but some errors are more obvious than others.
One pretty obvious error occurred Tuesday at the Associated Press. It involved veteran economics reporter Christopher Rugaber, who somehow assumed that the August increase in home prices recorded in a well-known index published on Tuesday primarily occurred because of "solid sales." The problem is that seasonally adjusted existing home sales declined sharply in August.
Earlier today, Katie Yoder at NewsBusters posted and described the latest video from the Center for Medical Progress on Planned Parenthood's late-term abortion business and its related ghoulish work in harvesting fetal tissue from abortions for research.
Yoder's work and that CMP video caused me to remember how the Associated Press wrote up Planned Parenthood's announcement that it would cease taking compensation for fetal tissue harvesting on October 13.
If you're a few hours late catching up on reports on economic data at the Associated Press, one of the best ways to determine whether the news was good or disappointing is to see whether the story's headline and opening blurb are still present about four hours later among the wire service's "Top (usually 10) Business News" items. The good-news items will usually still be there; the disappointing ones will usually be gone.
Sure enough, as of about 12:30, Martin Crutsinger's dispatch in the wake of the 8:30 a.m. Durable Goods report from the Census Bureau was no longer a Top Story. That's because, even though Crutsinger did his level best to ignore pertinent facts and try to pin the blame elsewhere, the news was awful.
Today saw yet another "unexpected" disappointing development in the U.S. economy. The Census Bureau reported that seasonally adjusted sales of new homes, an area thought to be a bright spot, declined sharply in September to an annual rate 468,000 from 529,000 in August. The bureau also revised July and August significantly downward.
As bad as the as the adjusted numbers were, the raw data was even worse. Despite all of this, and despite the fact that the pace of new-home sales is still only about two-thirds of what it used to tell readers would be a "normal" or "healthy" level, the Associated Press's Josh Boak, apparently taking a double shot from today's good-news koolaid delivery, tried to pawn off today's result as a one-off interruption of what has otherwise been a year where "zeal for newly built homes took off."
Late Sunday evening, the United Auto Workers and General Motors reached a tentative four-year agreement shortly before the union's 11:59 p.m. strike deadline.
The agreement was expected, simply because the financial and political blowback of a strike at a company bailed out by taxpayers at a cost running into tens of billion of dollars back in 2009 would have been severe. Also expected: the press buying into and perpetuating the myth that the union made significant concessions to GM and Chrysler during the course of those two companies' respective corrupt bankruptcies.
Those folks at the Associated Press sure are "clever."
Those looking for information about Hillary Clinton's damning email to her daughter Chelsea indicating that Mrs. Clinton knew that a planned operation by Al Qaeda — and not an Internet video — was behind the Benghazi attacks which killed Ambassador Christopher Stevens and three others trying to save him will find nothing at all at the AP's national site in a search (not in quotes) on "Hillary Chelsea":
The news coming out of Detroit about near-deadline negotiations between the United Auto Workers union and General Motors has been pretty quiet. As the Sunday 11:59 p.m. deadline approaches, the Associated Press only has a four-paragraph blurb indicating that the union wants to get a richer package than it just garnered in negotiations with Fiat Chrysler. A Reuters report goes into detail about GM's cost structure still being higher than that seen at Toyota's and Nissan's U.S. plants by about 15 percent and 31 percent, respectively. The New York Times is only carrying reports from the wires.
One note of substance about the UAW's strategy covered at Bloomberg News — surely known to others following the industry who are filing bland reports — is that it plans to milk the unemployment insurance system in the event of a protracted strike.
The press has consumed many barrels of ink and gigs of bandwidth providing free promotion for the eminently misnamed movie Truth, thus far virtually for naught.
On Thursday, the Associated Press's David Bauder did his part to generate interest by pretending, despite obviously forged documents and a virtually complete lack of anything resembling corroborating evidence, that what Dan Rather and Mary Mapes reported in 2004 about George W. Bush's Texas Air National Guard service might, as those two miscreants formerly employed by CBS still insist, be accurate.
The folks at the Associated Press aren't even trying to disguise how pleased they are after Canada's most recent elections swept the Liberal Party into power after almost a decade in the wilderness.
They're claiming that victorious Prime Minister Justin Trudeau seems destined to ignite the second installment of "Trudeaumania," the late-1960s press anointing which accompanied his father Pierre into that same position. It's quite clear that the AP is uninterested in informing readers about how awful Pierre Trudeau's actual record was. They instead want readers to believe that happy, reality-avoiding leftist days are here again.
