Crescenzi’s Credibility Crumbles
Economist Tony Crescenzi wrote a piece on RealMoney.com today titled: “Jobless Claims Dip” regarding this morning’s unemployment report.
Nowhere in the piece did Crescenzi mention that the most important metric for this data-series actually got worse. We will need to go to Bloomberg to get objective reporting:
“The four-week moving average for initial claims, a less volatile measure, increased to 375,250 from 372,000.”
I have been reading Crescenzi for many years and am aware that he is an optimistic perma-bull, but I certainly don’t expect him to whitewash important data. This is a shameful way for a professional economist to behave.
June 23rd, 2008 at 6:31 pm
I’ve noticed the same thing - he has good info but it is ALWAYS spun to Goldilocks - I am half expecting Kudlow’s photo to replace his one day on the site.
June 23rd, 2008 at 7:01 pm
Hi TraderMark,
Yes, and he should stick to economics too. A couple weeks ago, he made a “buy the dips” call that couldn’t have been more terrible.
Matt