The Conservative Cave
Current Events => Economics => Topic started by: obumazombie on May 16, 2015, 11:35:51 PM
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owebumeconomy, and you are the AP...publish it.
If the news shows the real truth of the total failure of the owebumeconomy, spike it...
On May 1, the Associated Press's Paul Wiseman was pleased to tell the wire service's readers and subscribing outlets that "The University of Michigan's sentiment index rose to 95.9 from 93 in March," reaching "its second-highest level since 2007."
Among other things, the survey's chief economist said that the result reflected "improving prospects for jobs and incomes."
What a difference two weeks makes.
Today's preliminary U of M survey for April dropped to 88.6, completely missing expectations of 95.9.
Zero Hedge notes that it's the biggest expectations miss on record, and the largest single-month drop since December 2012.
Naturally, a search at its national site indicates that the AP prepared no story on the U of M report.
AP's choice to ignore the U of M survey likely guarantees that there will be no mention of it at most establishment press print and broadcast outlets.
According to two Bloomberg reporters, the U of M survey results showed that "A souring economy has curdled the American consumer’s mood" (bolds are mine throughout this post):
Consumer Sentiment Plunge Lowers Odds of U.S. Growth Rebound
... The University of Michigan’s preliminary sentiment index for May plunged to 88.6, the lowest since October, from 95.9 the prior month.
It was weaker than even the lowest estimate of 68 economists surveyed by Bloomberg.
Another report showed factory production stalled in April.
News that the world’s largest economy sputtered last quarter, combined with uneven employment gains, shook households this month, raising concerns that spending will be slow to pick up.
A strong dollar and weak oil prices also are holding back manufacturing, further denting the likelihood of a quick rebound in the rate of expansion.
“It’s not very encouraging for growth prospects,†said Millan Mulraine, deputy head of U.S. research & strategy at TD Securities USA in New York, who projected a drop in confidence.
“The spate of numbers has been quite weak.â€
The Standard & Poor’s 500 Index closed at record for a second straight day as investors speculated the Federal Reserve would continue to support economic growth given the weak data.
The S&P 500 rose 0.1 percent to 2,122.73 at the close in New York.
“The decline was widespread among all age and income subgroups as well as across all regions of the country,†Richard Curtin, director of the Michigan Survey of Consumers, said in a statement.
In a separate post, Zero Hedge observed that "The percentage of respondents ... who 'think they (or their spouse) will lose their job over the next 5 years' soared to its highest since March 2009."
That seems newsworthy, doesn't it, AP?
Note that Bloomberg's Sho Chandra and Michelle Jamrisko wrote that the stock market inched up today because, thanks to lousy reports like the U of M survey, traders expect the Federal Reserve to keep interest rates artificially low.
(Set aside that doing so has played a part in the worst post-recession economic growth since World War II; it's obviously still true that if Fed's artificially low rates went away, the economy, as former Fed Chairman Ben Bernanke stated two years ago, "would tank" — and the markets know it.)
The AP did cover the Federal Reserve's April industrial production report earlier in the day.
It too was awful, but the wire service's Christopher Rugaber tried to offset the pessimism with news about another report covering just one state:
US INDUSTRIAL OUTPUT FALLS FOR 5TH MONTH ON LOWER DRILLING
A plunge in energy-related drilling and sluggish manufacturing sent U.S. industrial output down for a fifth straight month in April.
Overall industrial production slid 0.3 percent in April after a drop of the same size in March, the Federal Reserve said Friday.
The figures suggest that weakness in manufacturing and mining is weighing heavily on the economy.
full article...
http://newsbusters.org/blogs/tom-blumer/2015/05/15/ap-its-heads-we-report-tails-we-ignore-economic-data-mich-confidence (http://newsbusters.org/blogs/tom-blumer/2015/05/15/ap-its-heads-we-report-tails-we-ignore-economic-data-mich-confidence)
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The AP has long been a bastion of liberal bias and is squarely in the Oministration's corner. They will always lean toward whatever slant makes Barry and his thugs look good, just in the off chance there might be something. And if there isn't, they're not above making it up or ignoring it altogether.
How do those people live with themselves?
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The figures suggest that weakness in manufacturing and mining is weighing heavily on the economy
Really? I wonder if anyone at the EPA will look at easing some of their ridiculous restrictions on businesses? Nah of course not! That would imply they would actually LOOK at the data and see what kind of damage they are doing to the economy.
But that's okay! Because were saving the planet from glowbull warming/ Climate change/ whatever new scheme they come up with to fleece the taxpayer.
The stupidity, it burns. :banghead:
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The AP has long been a bastion of liberal bias and is squarely in the Oministration's corner. They will always lean toward whatever slant makes Barry and his thugs look good, just in the off chance there might be something. And if there isn't, they're not above making it up or ignoring it altogether.
How do those people live with themselves?
Great question.
How do they look at themselves in a mirror ?
How do they sleep at night ?
Does their conscience bother them ?