The current economic expansion could “make history” if it lasts through July, but Bloomberg BusinessWeek pooh-poohed its 10th anniversary saying “no one’s partying” in the June 10 issue.
In spite of the disappointing May jobs report showing only 75,000 new jobs, MarketWatch and CNBC reported signs of continued strength in the labor market that could help ease economic jitters. MarketWatch reporter Jeffry Bartash asked, “Has the U.S. labor market really taken a big turn for the worse?” and answered, “A new pair of employment reports suggest the answer is no.” He cited a private study of employment that indicated “a steady if more subdued pace of hiring during the summer” and “near-record high” job openings (7.4 million) in April, which was coupled with an “extremely low” number of layoffs.
The U.S. economy grew so much more than expected in the first quarter that CNBC’s Rick Santelli called it a “whopper” and “really powerful” news on April 26. A day later, the news made the front page of The Washington Post and The New York Times.
The broadcast networks were less enthusiastic. Two out of the three evening news programs skipped the story entirely that night.
Economic growth bested expectations by nearly a percentage point in the first quarter, and “pushes back” against recent recession fears, according to CNBC.
“First look at first quarter GDP and it is a whopper! 3.2 percent.” on-air editor Rick Santelli announced on April 26. “A 3 handle on first quarter. It’s supposed to be the dog of the year in terms of which quarters excel. This is really powerful.”
In spite of growing wages, extremely low unemployment and nearly 3 percent economic growth in 2018, the liberal media are becoming obsessed with recession. It didn’t matter that CFOs were confident the U.S. economy “will not experience a recession” in 2019. They were fixated by recession prospects in March anyway.
Every. Single. Day.
Stocks “rebounded in spectacular fashion in January,” but anyone reliant on network news programming may not have noticed since the networks proved yet again to care far more about bad economic news.
ABC, CBS and NBC evening news shows covered the bad news for stocks in December and January more than four times more than positive market news during that time (1,745 seconds to 422 seconds or 29 minutes, 8 seconds vs. 7 minutes, 3 seconds).
Appearing as a guest on Saturday's Today show on NBC to discuss the passing of former President George H.W. Bush, MSNBC contributor and historian Jon Meacham made a point of praising the former President for going left on some issues like taxes in defiance of the Republican party's conservative base. Correspondent Andrea Mitchell also saw raising taxes as a bright spot on Bush's presidency and talked up the notion that it improved the economy.
The economy may look good now, but hold off on the “confetti,” says left-wing Salon. While some people look for silver linings, Salon went in search of economic storm clouds on Aug. 12. It’s headline proclaimed, “The end really is near: a play-by-play of the coming economic collapse.” It also found an economist rooting for a downturn, to get rid of the Trump administration.
Yahoo! Finance certainly has almost Krugman-like timing. New York Times economist Paul Krugman immediately reacted to the 2016 election of Donald Trump by warning of a possible “global recession.” Perhaps Yahoo! was taking pointers for its latest series.
In spite of recent media attempts to speculate about when the economy might experience another downturn, a recent survey of global businessmen found a majority anticipate the U.S. economy to remain strong over the the next three years. Zurich Insurance Group, EY, and the Atlantic Council surveyed 497 CFOs in 30 countries and found most of them confident about U.S. investment. The survey was ignored by ABC, CBS and NBC news programming between May 3 and 9, as well as The Washington Post, New York Times and USA Today, according to Nexis searches.
The Federal Reserve and the Conference Board both issued positive progress reports about the U.S. economy last week. Neither got a peep from the broadcast networks on those days. In fact, on April 18 and 19, the evening news broadcasts on ABC, CBS and NBC included just one economic story — and it wasn’t about either of those positive economic updates
Even though the U.S. economy grew at a 2.9 percent pace in the final quarter of 2017, some in the liberal press have already begun to anticipate a recession — at the worst, possible time for President Donald Trump.