Good, Bad, and Ugly
Reader reaction to Reuters news
WASHINGTON (Reuters) – Consumers facing rising unemployment kept their spending unchanged in August even though incomes rose, according to a government report Monday that showed optimism about the economy’s direction was fading.
This sort of gross exaggeration in news reporting is ridiculous. In fact, consumer spending for August matched that for July. It just didn’t increase. Can writers and editors just knock off the attention-grabbing hyperbole and accurately report what is happening?
To indicate that consumers stopped spending in August when the article states “consumer spending was flat in August after barely edging up by a revised 0.1 percent. . .” plays into the fear mongering about the economy the media and congress are perpetuating.
This was not a good headline, as several readers noticed. Consumers did not stop spending, they just did not increase the amount they spent: GBU Editor
Study says most corporations pay no U.S. income taxes
WASHINGTON (Reuters) – Most U.S. and foreign corporations doing business in the United States avoid paying any federal income taxes, despite trillions of dollars worth of sales, a government study released on Tuesday said.
The Government Accountability Office said 72 percent of all foreign corporations and about 57 percent of U.S. companies doing business in the United States paid no federal income taxes for at least one year between 1998 and 2005.
Side effects mar Elan, Wyeth Alzheimer’s trial
CHICAGO, July 29 (Reuters)- Keenly awaited details on Elan and Wyeth’s new Alzheimer’s drug bapineuzumab show it raised the risk of a potentially serious side effect, especially in people with a genetic risk of the disease, the companies said on Tuesday.
I have thought long and hard about how Reuters released this story at 5:02 p.m. when the data itself were released at 5:00 p.m. This was a deeply complex clinical study, and the results have a myriad of implications.
US regulators seize two more banks
The FDIC said the cost of the transactions to its insurance fund is estimated to be $862 million, adding that the two failed banks represent just 0.3 percent of $13.4 trillion in total industry assets at about 8,500 FDIC-insured institutions.
The author claims that First National had total assets of $3.4 billion while First Heritage had assets of $254 million.
WASHINGTON (Reuters) – The U.S. stock market would fare better in the first year after a victory by Republican presidential candidate John McCain than by his Democratic rival Barack Obama, according to a majority of economists at U.S. banks and research groups polled by Reuters.
Your headline makes it sound as though you’re talking about all economists, but it turns out it’s just a poll of a few. Shame on you!
U.S. July auto sales drop, Toyota surges
Aug 1 (Reuters) – U.S. auto sales slid 17 percent in July as Americans shunned trucks and opted for more fuel-efficient cars, catapulting Japan’s Toyota Motor Corp. past Ford Motor Co. into the No. 2 spot for the first time.
Your article refers to drops in sales for U.S. automakers in July. It repeatedly refers to July in the past tense. The article was written on July 21st and speaks as if July is already over. I believe the data that is used in the article is actually June’s sales data. If not, it should be noted that the information is as of a certain date in July.
Revenue rose nearly 13 percent to $222 million, beating the analysts’ target of $224.3 million. Net sales of diabetes drug Byetta, which Amylin co-markets with Eli Lilly and Co, rose 17 percent to $177.5 million
If the analysts expected $224.3 million in revenue and amylin delivered $222 million, how did amylin “beat the estimates”?
IndyMac borrowers line up in California to withdraw their cash
Several readers noticed this one. We corrected: GBU Editor
REUTERS photo by Danny Moloshok