Business Coverage

The award for trollish headline of the day should go to MSNBC.com.

Several commenters at my econ-related posts during the past several months here at NewsBusters and my home blog have noted how Washington's mix of high deficits, over-regulation, and quantitative easing never seem to get any kind of blame for the economy in establishment press coverage. One could hardly find a better example of that deliberate avoidance than Josh Boak's writeup today at the…

It "seems" that a bit of doubt seeped into an economy-related Associated Press report today. An hour later, it was gone. An early report by Josh Boak with a 10:22 a.m. time stamp found at a subscribing outlet's site described job growth in the past 12 months as "seemingly robust." An hour later, in an expansion of that early report primarily covering today's government release on July retail…

Records are made to be broken, but apparently government spending records are not meant to be reported. The Monthly Treasury Statement released today showed that the federal government spent a mind-boggling $374.86 billion in July. That's an all-time single-month record, surpassing the previous high of $369.39 billion "achieved" in August 2012. Yes, there was a calendar "quirk" which caused this…

Two wire service dispatches covering the government's June Wholesale Sales and Inventories release either glossed over or completely ignored what others are saying about the report's impact on near-term economic growth. The final sentence of an unbylined Reuters report vaguely referred to future impact by indicating that current inventory balances, which are bloated by historical standards, "…

I noted on Sunday how former Associated Press reporter Philip Elliott, writing for Time Magazine's Time.com website, joined the Scott Walker pile-on brigade criticizing the Wisconsin Governor's reasonable — arguably to a fault — position that he doesn't personally know whether Barack Obama is a Christian. A separate post by Elliott, which covered a weekend retreat hosted by Charles Koch,…

These economics reporters at the Associated Press have become experts at deadpan humor. Earlier today, I noted how the wire service's Christopher Rugaber told readers, in the wake of a government report showing the lowest wage and benefit increases on record, that "the job market is not yet back to full health." No kidding, Chris. On top of that, the AP's Martin Crutsinger reacted to yesterday's…

Christopher Rugaber at the Associated Press and the "expert" he quoted in his writeup on the government's awful Employment Cost Index report seemed to be taking their cues from Steven Wright's deadpan comedy act. The problem, of course, is that they were writing and saying isn't funny at all. Rugaber, with his "expert" help, assembled an impressive array of understatements and misstatements in…

The bar-lowering in the business press continues. In the wake of today's disappointing news from the government on U.S. economic growth, an email from CNNMoney.com failed to properly describe reported second-quarter growth, and falsely characterized today's results as "solid":

The news out of Venezuela has apparently become so grim that the arguably Chavista-sympathetic press barely bothers to report it in any kind of sutstantive fashion. Inflation has gone wild, the level of violent crime has become frightening, and the government has taken to jailing citizens who dare to tweet their dissatisfaction with the regime of Nicolas Makuro (note that the linked report was…

Yet another important economic statistic confidently predicted to rise has fallen — hard. This time it was June's pending sales of existing homes. Just in time for summer, they were predicted to increase by a seasonally adjusted 1.0 percent to 1.5 percent. Instead they fell by 1.8 percent, the steepest drop since December 2013. Additionally, May's original 0.9 percent increase was revised down…

The Conference Board's July Consumer Confidence report released earlier today threw a heavy dose of cold water on the idea that the economy might finally achieve a broad-based, genuine recovery this year. Despite month after month of "all is well" reporting — and excuse-making when all hasn't been well — from the U.S. business press, the American public has apparently finally figured out that…

I guess the slogan of labor has changed from "Look for the union label" to "Look for the union waiver." The Los Angeles Times published a long front-page story early this morning on an issue some people thought disappeared after its initial exposure two months ago. The issue is whether union workers should be exempt from minimum wage laws, especially the sky-high minimums being enacted in some U…