Business Coverage

The competition for the worst moderator moment of Wednesday night's GOP debate is fierce. John Harwood's rephrasing of an old and discredited charge that Marco Rubio's tax plan disproportionately benefits the top 1 percent has to be in the running. That's especially true because Harwood himself had to back away from a simialr contention two weeks ago, yet still brought up the same issue with a…

Preparing the battlespace for tomorrow's report from the government on third-quarter Gross Domestic Product growth, the Associated Press's Martin Crutsinger early this afternoon told readers that we're likely to see "a subpar pace by any standard." But we shouldn't worry, because the AP reporter contends that tomorrow's news will just be a temporary trough in this year's "dizzying roller coaster…

The New York Times proudly unveiled on the front of its Sunday May 10 issue an"expose" of nail salons in Manhattan by Sarah Maslin Nir, "The Price of Nice Nails" (Nir also criticized white "gentrification" among Hurricane Sandy volunteers in 2012.) The first part focused on alleged "rampant exploitation" of workers, and is causing major damage to a local industry composed mostly of lower class…

To err is human, but some errors are more obvious than others. One pretty obvious error occurred Tuesday at the Associated Press. It involved veteran economics reporter Christopher Rugaber, who somehow assumed that the August increase in home prices recorded in a well-known index published on Tuesday primarily occurred because of "solid sales." The problem is that seasonally adjusted existing…

If you're a few hours late catching up on reports on economic data at the Associated Press, one of the best ways to determine whether the news was good or disappointing is to see whether the story's headline and opening blurb are still present about four hours later among the wire service's "Top (usually 10) Business News" items. The good-news items will usually still be there; the disappointing…

Today saw yet another "unexpected" disappointing development in the U.S. economy. The Census Bureau reported that seasonally adjusted sales of new homes, an area thought to be a bright spot, declined sharply in September to an annual rate 468,000 from 529,000 in August. The bureau also revised July and August significantly downward. As bad as the as the adjusted numbers were, the raw data was…

Late Sunday evening, the United Auto Workers and General Motors reached a tentative four-year agreement shortly before the union's 11:59 p.m. strike deadline. The agreement was expected, simply because the financial and political blowback of a strike at a company bailed out by taxpayers at a cost running into tens of billion of dollars back in 2009 would have been severe. Also expected: the…

The news coming out of Detroit about near-deadline negotiations between the United Auto Workers union and General Motors has been pretty quiet. As the Sunday 11:59 p.m. deadline approaches, the Associated Press only has a four-paragraph blurb indicating that the union wants to get a richer package than it just garnered in negotiations with Fiat Chrysler. A Reuters report goes into detail about GM…

If a Republican or conservative was in the White House, the Associated Press's Martin Crutsinger would have found a reason to be unimpressed in his dispatch today about how low initial unemployment claims continue to be, even as hiring has been slowing down. (Ideally, reporters should just relay the facts and leave the theorizing out of their stories, but that ship has sadly long since sailed.)…

On October 2, the government's Bureau of Labor Statistics reported that U.S. payroll employment increased in September by a seasonally adjusted 142,000 jobs. That was disappointing enough, but then the BLS's regional and state report for September released on Tuesday showed a combined total of 21,000 jobs lost in all 50 states and DC. In his coverage of the state report, the Associated Press's…

Life is so unfair. "The rich" live in nicer places, have nicer amenities, drive nicer cars, etc., etc. Here's the last straw: Now they even have better breakfast sandwiches. But never fear: The press's inequality police are on patrol to supply the outrage.

It was obvious from the start of ABC’s new drama, Blood & Oil, that Hap Briggs (the “Baron of the Bakken”) would turn out to be ruthless and conniving, no matter how charming he might seem. After all, he’s an oil man and the media just love (to hate) them. In prior episodes Briggs appeared to admire Billy LeFever’s tenacity and mind for the oil business. He even seemed to have taken Billy “…

In their coverage of government and other economic reports, the business press routinely tells readers that the figures they are relaying are "seasonally adjusted." That is, raw results are smoothed out to supposedly "remove normal, recurring variations" in data. There's one notable exception: The government's monthly employment report.

Although it was very disappointing, the September Employment Situation Summary, which told us that the economy added only 142,000 seasonally adjusted jobs as hundreds of thousands of Americans withdrew from the labor force, was not the worst economy-related news of the day. That dubious honor belongs to the Census Bureau's Factory Orders report. At least the employment report showed more people…