Economy

Merchants haven't been the only ones discouraging those who work for them from using the word "Christmas" during the Christmas shopping season. The press has been at it for years, and those efforts have brought regrettable results. This is the eleventh year of an effort I began in 2005. Each year has involved three sets of Google News searches on "Christmas shopping season" and "holiday shopping…

The desperation is palpable at the Associated Press, aka the Administration's Press, over how the Christmas shopping season is going. Having appearently learned something contrary to the "consumers will catch up with their spending" we've been hearing from the National Retail Federation and others so far, AP Business Writer Joyce M. Rosenberg shifted gears and decided that consumers are spending…

Politicians often complain about America’s struggling middle class, but according to Squawk Box host Andrew Ross Sorkin, they should quit crying over spilt milk. Sorkin argued on Dec. 23 that the mid-20th century idea of middle class was a historical anomaly. “This middle class that we keep talking about, this Leave it to Beaver middle class that was this panacea that people talk about is…

The Census Bureau reported today that new-home sales in November came in at a seasonally adjusted annual rate of 490,000. That was a 4.3 percent increase over October, but it only occurred because October was revised steeply downward by 25,000 to 470,000; August and September were also revised slightly downward. Actual sales were 34,000, the highest November figure during the Obama era but lower…

New York magazine’s Chait thinks that in a sense, conservatism and Communism aren’t such strange bedfellows when it comes to economic matters. In a Sunday post, Chait categorized “American conservatism” and Marxism as “rigid dogma,” whereas liberalism, he argued, focuses on “data.” Chait contended that “liberals would abandon, say, new environmental regulations if evidence persuaded them the…

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 MSNBC's Chris Matthews appeared on Tuesday's Andrea Mitchell Reports to promote his special on Donald Trump's life, substitute MSNBC host Luke Russert wondered why the "divisions that had ravaged the country" did not go away after President Barack Obama's election because "everybody thought that we were now coming into a post-racial society, that 'hope and change' was going to carry the day…

Yesterday, CNBC's Krystina Gustafson opened her article about the state of the Christmas shopping season by reporting that "procrastinators around the U.S. provided a much-needed boost to retailers" last weekend, but that "the lift was likely too little too late to salvage a slow start to the holiday shopping season." The story's headline: "Retailers cut too deep to save the holiday season."…

According to feminist icon Gloria Steinem, America’s best bet for stimulating the economy isn’t tax cuts or trillions of dollars in spending, but equal pay for women. In a Dec. 15 interview with Fusion, Steinem claimed that “Equal pay for women of all races would be the biggest economic stimulus the economy could possibly have.” She specifically said it would be “way better” than the last…

The business press worships at the altar of seasonally adjusted data. Most journalists covering the economy don't even bother looking at raw, not seasonally adjusted data, which in layman's terms is best understood as "what actually happened." As I have shown for nearly a decade, this is often a big mistake. On the rare occasions when reporters take the initiative to look at the raw data, they…

Rosalind Brewer is CEO of Sam's Club, the wholesale division of Walmart. Sam's claims that it is "committed to being the most valued membership organization in the world." Brewer is apparently "committed" to a cause which has become quite a distraction from Sam's core commitment. Last week, she told CNN of a meeting she had with a supplier. Was she interested in getting the best prices and terms…

Objective journalism is so old-fashioned. Activism is the new objectivity, at least where the liberal media are concerned. Rather than reporting as neutral outsiders on matters of race, CNN hosts and guest actually put their hands up in the “Hands up, don’t shoot” pose that never happened while reporting on protests. They seize on mass shootings to repeat calls for stricter gun control. The sad…

What little remains of the economy's momentum appears to be riding on Christmas season consumer spending being perceived as strong. Unfortunately, it hasn't been. Following up on her early Friday excuse-making for why things haven't gone too well at the malls so far — it's because the weather has just been too darned nice — Anne D'Innocenzio at the Associated Press worked over the available…

They have an excuse for everything, don't they? This morning, Anne D'Innocenzio at the Associated Press actually told readers that this year's relatively warm Christmas season weather is what's hurting Christmas shopping season sales. It couldn't possibly be the "slowdown reality" USA Today cited in headlining Friday's second straight steep stock market drop, could it, Anne? Most other Americans…