Focus Shifts Overseas as Economic News Recedes

Journalism.org, Pew Research Center’s Project for Excellence in Journalism, 4/14/09

After weeks of being fixated on grim economic news, the mainstream media narrative shifted dramatically last week to a mix of dramatic international events.

Coverage of the economic meltdown fell to 15% of the news hole the week of April 6-12, according to the Pew Research Center’s Project for Excellence in Journalism. That is the lowest level of attention to that subject since the week of President Obama’s inauguration.

...So does this dramatic pivot in coverage suggest a significant shift in attention away from the grim economy— the story that has overwhelmed the national narrative since Obama took office?...

...it may signal something that the economy was not pushed aside by a single overarching story but a series of them, and stories that earlier in the year might have generated less attention.

And in one a sure sign there was no major economic news last week, some coverage of the financial situation was the man-bites-dog variety—a few rays of hopeful news.

The Economic Crisis: Glimmers of Sunshine

...One twist to the narrative last week included some bright spots, or at least brighter ones, in a situation that has frequently invited comparisons with the Great Depression.

On the April 9 newscast, CBS anchor Katie Couric reported that better-than-expected profits for Wells Fargo helped drive the Dow Jones up nearly 250 points. “So are banks back?” she asked correspondent Anthony Mason.

...Relatively speaking, that’s a burst of optimism.

Another theme last week highlighted pockets of good news in a hard-hit economy. There were stories about California wines doing pretty well, the success of the romance novel genre, and how the consumption of candy and sweets had grown. (Perhaps the lesson here is that that people turn to basic comforts in tough times.)

An April 8 Wall Street Journal story featured a North Carolina furniture company called Craftmaster that found success amid the economic turmoil. “When businesses flame out, there are often others on the sidelines, like Craftmaster, ready to pick up the pieces,” the article noted. “At Craftmaster, which assembles upholstered sofas and chairs that sell in stores for less than $1000, revenues rose 4% last year and have grown 5% since January…”

FMI

Jim's comment: Our summer season may well be our "Glimmer of Sunshine"