Pro-Obama media always shocked by bad economic news
Unexpectedly!
As megablogger Glenn Reynolds, aka Instapundit, has noted with amusement, the word "unexpectedly" or variants thereon keep cropping up in mainstream media stories about the economy.
"New U.S. claims for unemployment benefits unexpectedly climbed," reported CNBC.com May 25.
"Personal consumption fell," Business Insider reported the same day, "when it was expected to rise."
"Durable goods declined 3.6 percent last month," Reuters reported May 25, "worse than economists' expectations."
"Previously owned home sales unexpectedly fall," headlined Bloomberg News May 19.
"U.S. home construction fell unexpectedly in April," wrote the Wall Street Journal May 18.
Those examples are all from the last two weeks. Reynolds has been linking to similar items since October 2009.
Mainstream media may finally be catching up. "The latest economic numbers have not been good," David Leonhardt wrote in the May 26 New York Times. "Another report showed that economic growth at the start of the year was no faster than the Commerce Department initially reported -- 'a real surprise,' said Ian Shepherdson of High Frequency Economics."
Which raises some questions. As Instapundit reader Gordon Stewart, quoted by Reynolds on May 17, put it, "How many times in a row can something happen unexpectedly before the experts start to, you know, expect it? At some point, shouldn't they be required to state the foundation for their expectations?"
Consumer confidence falls unexpectedly in May
Consumer Confidence Index drops unexpectedly to 6-month low in May; gas, job worries persist
In this May 27, 2011 photo, a customer fuels up his car in view of gas prices, in Philadelphia. A monthly survey shows consumers are losing faith that the economy will keep improving. (AP Photo/Matt Rourke), On Tuesday May 31, 2011, 1:51 pm EDT
NEW YORK (AP) -- Americans are losing faith that the economy will keep improving, according to a monthly survey.
The Conference Board's Consumer Confidence Index fell to a six-month low of 60.8 from a revised 66 in April, a sign of the toll that high gas prices, a choppy job outlook and a moribund housing market are taking on people's psyches. Economists had expected an increase to 67.
"Consumers are considerably more apprehensive about future business and labor market conditions as well as their income prospects," said Lynn Franco, director of The Conference Board Consumer Research Center. She said fears of inflation that had eased in April picked up again in May.
The index, released Tuesday, is still far from the reading of 90 that indicates a healthy economy. It hasn't approached that level since the recession began in December 2007.
'Double-Dip' in Housing Prices Even Worse Than Expected
Published: Tuesday, 31 May 2011 | 9:05 AM ET
Text Size 
By: Reuters
U.S. single-family home prices dropped in March, dipping below their 2009 low, as the housing market remained bogged down by inventory and weak demand, a closely watched survey said Tuesday.
 |
AP |
The S&P/Case Shiller composite index of 20 metropolitan areas declined 0.2 percent in March from February on a seasonally adjusted basis, in line with economists' expectations.
The price index was below the low seen in April 2009 during the financial crisis. The glut of houses for sale, foreclosures, tight credit and weak demand have kept the housing market on the ropes even as other areas of the economy start to recover.
The 20-city composite index was at 138.16, falling below the 2009 low of 139.26.
What an idiot. Debbie Wasserman Schultz has shown skills and talent which demonstrate that she is entirely qualified to be the Democrat National Committee Chairperson. Continue reading
Barack Obama's decision to play golf on Memorial Day was disrespectful and hardly presidential
Barack Obama has played golf 70 times (Photo: AFP)
No comments:
Post a Comment