Biz news on networks overly negative about the economy

Dan Gainor of the Business & Media Insitute argues in a new report that the three major networks — ABC, CBS and NBC — have been overly negative in their economics coverage in recent months.

Gainor wrote, “Network news stories have painted a bleak picture of an economy in decline. Reporters treated gas prices as a metaphor for the economy – only when they were high. And a slowing housing market coming off two record years was just another club used against Republican incumbents by a pessimistic press.

“But the truth of the economy is far different. The United States continues to enjoy solid job growth. In the last year, 1.7 million new jobs were added and nearly 6 million have been created since August 2003 – a streak of more than three years of positive growth. Unemployment is a low 4.7 percent. Gas prices have declined once again – more than 75 cents from their recent highs. And though the economy actually grew just 2.6 percent in the second quarter of 2006, which followed the rapid expansion of the first quarter – revised upward to 5.6 percent.

“That’s not how things looked on the evening news shows on all three broadcast networks – ABC, CBS and NBC. The Media Research Center’s Business & Media Institute looked at all stories referencing the ‘economy’ or ‘economic’ news between Aug. 1, 2005, and July 31, 2006. Here are some key findings:

Reports Negatively Charged: More than twice as many stories and briefs focused on negative aspects of the economy (62 percent) compared to good news (31 percent). News broadcasts dwelled on one prospective cataclysm after another, yet each time the economy continued unfazed.

Negative Stories Given More Air Time: Bad news was emphasized on all three networks. Negative news appeared in full-length stories twice as often as it appeared in shorter, brief items. Good news was relegated to briefs. More good news appeared in brief form than as full-length stories.

Read more here.