Economy

Here is the full text of, and response to, a question directed to Jeannine Aversa, AP Economics Writer, Washington, in an "Ask AP" item four days ago (second question-answer segment at link; bolds are mine): Why is it important whether we are or are not in a "recession"? I have read a technical definition of the word, and I have seen and heard many news reports in which economists and government…

The supposedly surprising rejection of the Lieberman-Warner climate bill last week had an element that Old Media in the US hasn't covered, but is very relevant. While the press is ever eager to jump on politicians who fly in the face of supposed "world opinion" when it goes against US positions and traditions, it has been virtually silent over how "the rest of the world" has been rejecting the…

"Republicans Block Taxes on Big Oil Profits" blares the teaser headline on the front page of CBSNews.com. Under a graphic of the Capitol dome and a fuel gauge nearing empty, the caption reads "Senate GOP Stops Dems' Effort To Rein In Profits Of Largest Oil Companies As Gas Prices Soar."That's a lot of bias packed into 24 words, and that's before the reader gets to the actual article. Notice the…

It certainly wasn't surprising how press outlets desperately trying to depict the economy as depression-like in order to get Barack Obama in the White House were practically giddy following the dour jobs report released by the Labor Department last Friday.What was shocking given the portion of May's unemployment rate rise attributed to high school and college students looking for summer jobs was…

I received this CNN e-mail this morning: Pending home sales in April rose 6.3%, from March, but fell 13.1% from last year, according to a Realtor trade group. Not bad. It might even be fair to say (emphasis: might) that the real estate market is on the long road back to something resembling normalcy. The Associated Press's J.W. Elphinstone sanitized this pretty decent news, and I'll show you…

This is the sort of report that immediately gets my BS detector up. A recent Palm Beach [Fla.] Post story is trying to claim that Americans are running to Europe to claim dual citizenship because the U.S. is so horrible for everyone here. Yet, even as the story is making the claim that more Americans are fleeing this country for Europe, it offers no statistics to prove it. And the Post even…

The Associated Press's Jeannine Aversa started off her Friday evening report on the day's economic news showing, as she and her AP colleagues have for several months, that they either don't understand very basic concepts relating to the information they're attempting to digest and convey or are deliberately reporting it inaccurately: Pink slips piled up and jobs disappeared into thin air in May…

Specifically, what if it is better at picking up small-business job creation than the government's Bureau of Labor Statistics (BLS)? The media isn't asking this question, even though the two reports have diverged by over 400,000 jobs in the past four months (see latest reports here, here, and here on ADP's May estimate that 40,000 jobs were added, vs. expectations that it would come in at 30,000…

Don't miss the significant reporting errors noted at the end of this post. _______________________________________________ If this were a boxing match, with "The Economy" in one corner, and "Expectations" in the other, we'd be seeing a third-round knockout with "Expectations" taken away in an ambulance. But if you think the news this week has changed the tone of the Associated Press's business…

High gas prices strike again, says the "CBS Evening News." The June 3 "Evening News" blamed surging gas prices and General Motors reluctance to produce "more fuel-efficient vehicles" for closure of several plants, including one in Janesville, Wisc. "It's not just here and it's not just GM. Since 2005, the big three - GM, Ford and Chrysler - have had 70 plants and supplier shutdowns with a…

It has been nearly three years since the Kelo v. New London ruling by the US Supreme Court, and just short of two years since the city of New London, CT settled with the final two Fort Trumbull holdouts, Susette Kelo and the Cristofaro family. The Supreme Court's majority, in their June 2005 Kelo ruling, declared that "public use" as stated in the Fifth Amendment to the Constitution really means…