The Associated Press, Bloomberg and Reuters all focused on the supposedly positive news of increased consumption reported in today's "Personal Income and Outlays" release from the government's Bureau of Economic Analysis. In the process, two of the three ignored a particulary dreadful statistic about disposable income, while the third (Bloomberg) misinterpreted its meaning.

The dire statistic is the year-over-year comparison of monthly disposable income, which took a deep dive in December, turning in the worst year-over year performance as seen here, in 40 years: