Two of the nation's (and world's) largest news agencies, The Associated Press and Reuters, reported the story, as we would expect. However, take a look at the first few paragraphs of each agency's dispatch:
WASHINGTON (Reuters) – The economy grew at a faster-than-expected 5.7 percent pace in the fourth quarter, the quickest in more than six years, as businesses made less-aggressive cuts to inventories and stepped up spending.
The robust performance closed out a year in which the economy contracted 2.4 percent, the biggest decline since 1946.
After falling off a cliff at the start of the year, gross domestic product turned higher in the third quarter, and the quickening fourth-quarter pace reported by the Commerce Department on Friday suggested a sustainable recovery was building.
Is either story wrong? No.WASHINGTON (AP) -- The economy grew faster than expected at the end of last year, though the engine of that growth -- companies replenishing stockpiles -- is likely to weaken as consumers keep a lid on spending.
The 5.7 percent annual growth rate in the fourth quarter was the fastest pace since 2003. The Commerce Department report Friday is the strongest evidence to date that the worst recession since the 1930s ended last year, though an academic panel that dates recessions has yet to declare an end to it.
The two straight quarters of growth followed a record four quarters of decline. Still, the expansion in the fourth quarter was fueled by companies refilling depleted stockpiles, a trend that will eventually fade. Some economists worry that when that happens, the recovery could slow.
A significant difference though, huh?
The lesson: Know the source, read critically, remain skeptical, and only reach conclusions after significant research.
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