OLD Media Moves

TV biz journalists see economic crisis; economists aren't sure

October 24, 2007

Posted by Chris Roush

Dan Gainor of the Business & Media Institute writes Wednesday that too many television business journalists are reporting about the economy as if it’s in a crisis when the economists aren’t sure themselves.

Dan GainorGainor wrote, “The only people who appear to be sure of what’s going on in the economy are journalists who feed the “crisisâ€? idea to an unwitting public. The media have warned of recession or even depression throughout a 49-month run of positive job growth. But never more than in September when it briefly looked like that streak had ended.

“The initial report showed 4,000 jobs lost instead of more than 100,000 gained. Reporters swarmed to the story like thirsty men to an oasis. ABC’s Betsy Stark explained how dire this news was to the ‘World News with Charles Gibson’ audience. “Charlie, many consider the jobs report the single-most important barometer of the nation’s economic health. Well, right now the barometer is reading high alert.’

“The next morning, Bianna Golodryga was warning ABC’s audience of the ‘Road to Recession.’ She summed up the reporting with this downbeat outlook: ‘Friday’s bleak jobs report conveyed a clear message. The economy may be in worse shape than previously thought.’

“Only it wasn’t. Or at least ‘the single-most important barometer of the nation’s economic health’ wasn’t.”

Read more here.

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