Josh Boak

AP's 'Three Amigos' of Econ Reporting Differ in Recognizing Harsh Reality
By Tom Blumer | May 6, 2015 | 3:50 PM EDT

Tuesday evening, I wrote that there appears to be a need for an intervention among the economics writers at the Associated Press.

At the time, I was referring to how the wire service's Christopher Rugaber, in his dispatch on a trade group's upbeat business sentiment survey appearing about an hour after Martin Crutsinger's writeup on the horrible March trade imbalance, failed to report Crutsinger's relayed observation, based on the opinions of others, that the economy likely contracted in this year's first quarter instead of barely growing at the 0.2 percent annualized rate currently recognized.

At AP, Report on New-Home Sales 'Collapse' Argues For a 'Bounce Back'
By Tom Blumer | April 23, 2015 | 11:17 PM EDT

The Census Bureau reported today that sales new homes in the U.S. (seasonally adjusted at an annual rate) plunged sharply in March to 481,000 after hitting a seven-year record level of 543,000 in February.

As has been the case so often, AP reporter Josh Boak didn't look past the seasonally adjusted numbers, and as a result gave the "expert" he quoted a free pass to supply sunnyside-up commentary in his mid-day Wednesday dispatch. He also shakily claimed that "winter storms" were a "likely" major impediment to March sales (bolds are mine):

Bloomberg, AP Sharply Differ in Evaluating Ominous March Retail Sales Report
By Tom Blumer | April 14, 2015 | 10:51 PM EDT

Today, the Census Bureau reported that retail sales in March increased by a seasonally adjusted 0.9 percent. While that was the first such positive figure in four months, it was less than the 1.1 percent increase analysts expected, and did little to calm fears that the economy contracted during the first quarter of 2015.

An unbylined report at Bloomberg News and a dispatch from Josh Boak at the Associated Press had sharply differing takes on what the result meant. Longtime readers probably won't have a difficult time guessing who had the bigger set of blinders on. 

Whiplash at AP: Economy, 'Really Durable' Last Week, Now 'Has Been Flagging For Months'
By Tom Blumer | April 4, 2015 | 10:27 AM EDT

Chickens came home to roost yesterday at the Associated Press.

The AP, the economy's most consistent cheerleader when a Democrat is in office, has not only been ignoring and downplaying the significance of disappointing and negative reports for several months, pinning its claim that all is well on the streak of seasonally adjusted 200,000-plus job gains seen during the past 12 months. It has also been pretending that all is really well. Just a week ago, the wire service's Marin Crutsinger falsely touted how the economy's "growth spurt" since the recession ended 5-1/2 years ago, while "sluggish," has been "one of the most durable since World War II."

AP Admits: 'Economy Is Looking a Bit Paler'
By Tom Blumer | March 17, 2015 | 11:15 PM EDT

Apparently, the sheer number of weak to awful economic reports seen during the past month or so finally led Josh Boak at the Associated Press, aka the Administration's Press, to acknowledge that "critical pieces of the economy remain troubled almost six years into the recovery."

Boak's belated timing is interesting, to say the least, given that the Federal Reserve is weighing whether or not to raise interest rates for the first time in six years several months from now.

AP on Potential GDP Revisions: Heads They Report, Tails They Ignore
By Tom Blumer | February 3, 2015 | 8:34 PM EST

On Friday, the government reported that the nation's economy, as measured in its real gross domestic product, grew at an annual rate of 2.6 percent during last year's final quarter, sharply trailing analysts' consensus predictions ranging from 3.0 percent to 3.6 percent.

As is the case after the first version of every GDP report, economy watchers have been trying to estimate the effect other subsequently released fourth quarter-related government and other data might have on GDP revisions to be reported in late February and late March. Predictably, the Associated Press, aka the Administration's Press, seems to have decided that it will tell its readers about the ones which seem to point to upward revisions, and that it will ignore those which go in the opposite direction.

AP, WSJ Reactions to Friday's GDP Report Vary Sharply
By Tom Blumer | January 31, 2015 | 9:54 AM EST

Yesterday's government report on the economy's growth, which told us that the nation's gross domestic product grew at an annual rate of 2.6 percent during the fourth quarter, sharply underachieved analysts' expectations of an annualized 3.0 percent to 3.6 percent. The stock market clearly reacted negatively to the downside surprise. Bloomberg's take at the end of the day: "U.S. stocks fell Friday, sending the Standard & Poor’s 500 Index to its biggest monthly decline in a year, as weaker-than-forecast economic growth overshadowed a rally in energy shares sparked by a surge in the price of crude."

That didn't stop Martin Crutsinger and Josh Boak at the Associated Press from celebrating the result in late-morning and overnight reports, respectively. Meanwhile, Josh Mitchell at the Wall Street Journal delivered a more sanguine take on the situation.

Bloomberg Celebrates Dec. Spike in New-Home Sales, Despite Record of Steep Downward Revisions
By Tom Blumer | January 28, 2015 | 11:52 PM EST

If someone fools you once, shame on them. If they fool you with the same trick a second time, shame on you. If they "fool" you a third time — well, you must be in on it.

That's my take on Bloomberg News's virtually euphoric reaction to yesterday's new-home sales release from the Census Bureau. The wire service's Shobhana Chandra celebrated how seasonally adjusted December sales were at "the highest level in more than six years." The problem is that the bureau reported the same development two other times in 2014, only to see each improvement disappear in subsequent revisions. Excerpts follow the jump (bolds are mine):

Fantasy at AP: Housing Has Had a 'Steady Rebound' Since the Recession Ended
By Tom Blumer | August 26, 2014 | 9:20 AM EDT

Someone must have slipped the wrong data to the Associated Press's Josh Boak yesterday before he composed his dispatch on the Census Bureau's latest report on new home sales.

Boak got the current month's news right, though likely by accident (like almost everyone else in the business press, he relies on seasonally adjusted figures, and rarely goes to the unadjusted data), telling readers that "Fewer Americans bought new homes in July, evidence that the housing sector is struggling to gain traction more than five years into the economic recovery." That's fine, but his characterization of the longer-term history of home sales was woefully incorrect:

Retail Sales Flatlined in July; AP Deadpans That Americans With No Money 'Are Hesitant to Spend'
By Tom Blumer | August 13, 2014 | 1:46 PM EDT

This morning, the Census Bureau, in its advance report on retail sales, revealed that seasonally adjusted July sales were "virtually unchanged" from June. Expectations were for a 0.2 percent gain, supposedly with "solid upside" potential. Oops. June's result stayed at its previously reported 0.2 percent increase.

Reuters did the "U-word" honors this time out: "U.S. retail sales unexpectedly stalled in July, pointing to some loss of momentum in the economy early in the third quarter." Someone needs to tell the wire service's Lucia Mutikani that no increase means no momentum. Over at the Associated Press, Josh Boak tried the deadpan approach.

AP Acknowledges That There Are 'Fewer Full-Time Jobs,' But Doesn't Cite Obamacare As a Contributor
By Tom Blumer | July 31, 2014 | 5:17 PM EDT

In a Thursday report on why many Americans are still unimpressed with the U.S. job market, Associated Press reporters Christopher Rugaber and Josh Boak made a rare admission that "Finding a steady full-time job has become harder" than it was before the recession.

The AP pair then contended that "the trend might also reflect a lasting shift among restaurants and coffee shops," but found an "expert" who only acknowledged that such employers are trying to be more careful in their spending. Although they mentioned Obamacare as a reason why pollied Republicans are dissatisfied with the economy, Rugaber and Boak never cited the healthcare law as a possible factor in the significant move to employ part-timers, even though Investor's Business Daily has compiled a list of 429 employers "with strong proof that ObamaCare's employer mandate is behind cuts to work hours or staffing levels." Excerpts follow the jump (bolds and numbered tags are mine):

In Covering June Budget Surplus, AP's Boak Conveniently Forgets Largest Tax Increase in the Past Two Decades
By Tom Blumer | July 12, 2014 | 10:27 AM EDT

One of the reasons President Barack Obama and the left can continue to make their cherished "budget stalemate" arguments against conservatives and Republicans is that the establishment press has memory-holed tax increases, including "the largest tax increase in the past two decades," which have already taken place. It now acts as if taxes on "the wealthy," which are really taxes on "high-income earners," have never been increased during Dear Leader's administration.

Josh Boak's coverage of the June budget surplus yesterday at the Associated Press, aka the Administration's Press, is a case in point. After regaling readers with the administration-manipulated recent history of budget deficits (without mentioning the manipulation, of course), Boak uncritically relayed the Democrats' version of the argument that the standoff between the White House and the House of Representatives is over "sharp cuts on needed government programs" versus "higher taxes on the wealthy." Excerpts follow the jump (bolds are mine throughout this post; numbered tags are mine):