STEAMING TOWARDS '04

Data suggest economy building steam: Strong gains made over productivity, sales, jobless claims (Kimberly Blanton, 8/8/2003, Boston Globe)

Three different measures of economic activity -- productivity, retail sales, and jobless claims -- showed strong improvement yesterday, offering significant new evidence that the nation's economy is finally on the mend.

Prospects brightened on reports that second-quarter productivity growth surged and that July sales at the nation's big retailers exceeded initial forecasts, as consumers spent money put in their pockets by tax cuts and mortgage refinancings. The number of people who filed claims for unemployment benefits also fell below the critical 400,000 mark for a third week in a row as the pace of layoffs slowed.

The job market has yet to rebound, and there is no signal that businesses plan to begin hiring in large numbers. But these data indicate a clear turnaround from the gloomy forecasts being made early this year when Alan Greenspan, the Federal Reserve chairman, was raising fears of deflation and economists were talking about a double-dip recession.

That's straightforward enough, eh? But Friend ef brown sends these contrasting headlines, try to guess the sources:

(1) Economy shows further signs of recovering

(2) Productivity Jumps Again as Job Creation Remains Slow Posted by Orrin Judd at August 8, 2003 12:10 PM