How does one turn a fresh, positive economic development into negative news?
Toss in some “buts” and rehash glum happenings of recent months, observes Grumpy Editor, after spotting an Associated Press article that will be in many newspapers today.
The Commerce Department Thursday announced gross domestic product grew at a seasonally adjusted 3.3 percent annual rate in the second quarter, revised from the original 1.9 percent estimate.
The strong second quarter economic performance follows a 0.9 percent growth rate in the first quarter and a 0.2 percent contraction in 2007’s final quarter.
Wall Street greeted the bright news Thursday by sending the Dow Jones industrials soaring 212.67 points, closing at 11,715.18.
In reporting the GDP gain in a lengthy piece, Washington-based AP economics writer Jeannine Aversa promptly gave it a negative twist by inserting a “but” in the first line of the lead: “The economy pulled out of a dangerous rough patch in the spring, thanks largely to strong exports, but the rebound isn't expected to last.”
Aversa continues her lead with: “Economic slowdowns overseas could make exports tail off just as Americans are hunkering down after the bracing impact of rebate checks wanes, plunging the country into another rut later this year.”
All this without attribution.
A few paragraphs later, she works in “Federal Reserve Chairman Ben Bernanke has warned the economy will be weak through the rest of 2008.”
Then she reminds readers (perhaps those who have been holed up in mountain caves without cellphone service), that “for months, housing, credit and financial troubles have hammered the economy” and that “employers have clamped down on hiring.”
To underscore this, mention is made that among companies recently announcing layoffs are Abbott Laboratories, Embarq Corp. and Alcoa Inc.
All this brings to mind a meteorological comparison.
After a major storm has battered a community with heavy rain and strong winds for days, skies are finally clearing with warm weather and a gentle breeze. Then someone declares there could be another major storm ahead that could clobber the community.
Getting the local angle: Pioneer Press, St. Paul, is sending a good chunk of its staff --- more than 30 --- to cover the Republican National Convention which opens in its town on Monday…Nameplate change: The Sun, in Baltimore, this week boosted its home city by inserting Baltimore between dominant words The and Sun, making it The Baltimore Sun. A redesign also brings other visual changes with added color and more photos…July New York Times advertising revenue dropped 16.2 percent, as classified sales fell 30 percent…Nick Clooney, 74, journalist and TV anchorman for many years (and father of actor George Clooney), joins the faculty at American University, Washington, D.C., this fall as School of Communication and Newseum “distinguished journalist in residence”…In the staff-trimming department: Gannett Co.-owned Honolulu Advertiser is cutting 27 jobs; a McClatchy Co. newspaper, Sacramento Bee, after eliminating 86 positions two months ago, is offering buyouts to 55 percent of its full-time staffers…Meanwhile, the Sacramento Bee also eliminated its public editor. Armando Acuna becomes associate features editor starting next week.
Grumpy Editor’s end-of-week leftover notes: