A Dragon in Sheep’s Clothing

I know everyone talks about the media’s slant, but it’s fun to find proof.

This morning, the AP headline and story I saw in a list at Yahoo read,

Retailers report September sales declines
AP – Early September reports from retailers show weak sales as shoppers cut back on fall clothing purchases amid worries about jobs and tight credit.

A few hours later, the same story has been revised and now reads,

Retailers see sales begin to recover in September
NEW YORK – The nation’s stores saw their first sales gain in 14 months in September, a sign of life from shoppers that fuels some hope for the holiday shopping season. ….analysts dissecting the figures say they feel encouraged by Thursday’s reports even as they acknowledge that business still remains weak and consumers tight-fisted.

It’s at the very same link too, so the original story is effectively gone. I’d love to compare the details, but I can’t find anyone who cached the story.

Interesting that the story has been revised to a more positive slant, though, considering the headlines from other news services today:

• Earnings reports show struggling Americans
  People aren’t just shopping more at Family Dollar. They’re buying the cheapest stuff on its racks. Even Pizza Hut’s sales are slowing as consumers seek fast-food bargains. (MSNBC)
• Retail sales weak, but stores post first gain since July ’08
  (USA TODAY) — they use the same AP story as Yahoo, but use a more conservative headline.
• Jobless Claims Fall; Retail Traffic Remains Weak
  New claims for unemployment benefits fell to their lowest level since the start of the year, but retail sales in September were down from 2008, indicating that consumers are reluctant to spend the economy out of recession. It was the fourth drop in new claims in five weeks. But most analysts think the unemployment rate will keep rising well into next year, fueling a “jobless recovery” in which GDP grows slowly but new hiring lags. (NPR)
• Survey Shows Rocky Road to Economic Recovery
  The worst recession since the Great Depression has left a scorched landscape that will weigh on the labor market and the broader economy for years to come, according to economists in the latest Wall Street Journal forecasting survey. ….the massive downturn has left an open wound in the labor market that will take years to heal. On average, the economists don’t expect unemployment to fall under 6% until 2013; unemployment in September hit 9.8% (Wall Street Journal)

I guess AP didn’t entirely ignore the other half of the story. Buried halfway through the article, they finally touch on the not-so-positive things:

The fourth drop in new claims in five weeks reflects an improving labor market, but employers are still hesitant to hire new workers and the unemployment rate is expected to keep climbing well into next year.

Credit also remains tight. A report released Wednesday by the Federal Reserve, shows that consumers reduced their borrowing for the seventh straight month in August as households cut spending and banks reduced credit card limits.

“Consumers remain under pressure on multiple fronts,” said Ken Perkins, president of retail research firm Retail Metrics. “I don’t think consumer spending is going to see a substantial uptick. Shoppers are concerned about rebuilding their balance sheets.”

In this climate, purveyors of fashion and nondiscretionary items continue to post sluggish sales, while low-price stores benefit from shoppers switching to cheaper stores and brands.

By the way, did you know Wal-Mart stopped reporting monthly figures? According to that AP story, “The tally [of retail sales this month] excludes Wal-Mart Stores Inc., which stopped reporting monthly sales after it released April results.” Hmmm…