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Cherry-Picking AP Pushes Positive New York Manufacturing Report, Ignores Downbeat Philly Data

Posted on 21 April 2016

On Sunday, I noted how the Associated Press wouldn't let the awful national news from the Federal Reserve on Industrial Production (second straight month of 0.6 percent contraction) stand alone without trying to offset it with phony evidence that U.S. manufacturing is showing "signs of stability." That "evidence" was primarily a positive manufacturing survey result from just one state: New York. The AP also dedicated a separate national story to that New York Federal Reserve-published result.

So when the Philadelphia Federal Reserve published its manufacturing survey earlier today, one might have expected that AP would have given it a story, especially since today wasn't a particularly big day for other impactful economic releases. Of course, AP ignored it — because the result was negative, defying expecations that it would remain positive for a second straight month. From what I can determine, the Philly Fed's release is not even a local AP story.