Associated Press reporters insist that American jobs are “disappearing into thin air.” What’s really disappearing is the AP’s credibility in analyzing economic data.
Last week’s economic news started off on a pretty good note.
Many key reports — Monday’s Manufacturing Index from the Institute for Supply Management (ISM); Tuesday’s Orders Report from the government; and Wednesday’s Non-Manufacturing Index from ISM, to name just three — beat expectations. But Friday’s Employment Situation Report left us right where we had started.
The Associated Press’s economic reporting last week was another matter.
The wire service’s coverage contained clear errors of fact and obvious misunderstandings of the underlying data — enough of them to make it reasonable to wonder if the business reporters working at the self-described “Essential Global News Network” are up to their assigned tasks.