The U.S. saw “close to zero” GDP growth in the second quarter of 2016, but you wouldn’t know much about that if you were following the news.
Whether you like it or not, you probably read and heard more news stories about Pokémon last month than you did about the economy.
In July, the media “spent twice as much time reporting on Pokémon Go, a mobile game in which players caught cartoon monsters, than it did on the state of the economy,” Newsbusters reported.
Last month, ABC, CBS, and NBC evening news programs spent at least six minutes more on Pokémon stories, than they did on economic news, according to Newsbusters' analysis. Reporters from the major networks hyped Nintendo’s “soaring” stock, and largely ignored the overall dismal economic growth.
ABC News correspondent David Wright took time during the July 11 broadcast of "World News Tonight" to show footage of himself playing the game, and a Tampa Bay news station anchor even interrupted the morning weather report in her search for Pokémon.
While the game has become something of a nationwide phenomenon, racking up more downloads in its first week on the Apple store than any other app, and generating millions of dollars for developer Niantic -- it still seems like there should be more important things to discuss on the nightly news.
Late last month, the Commerce Department reported that GDP growth fell far below even fading Wall Street forecasts, and was just 1.2 percent for the second quarter. The first quarter economic growth rate has been revised down to just 0.8 percent, for an annual average of just 1 percent growth this year -- the weakest start to a year since 2011, according to the Wall Street Journal.
"What is really worrying is that pace has still been enough to reduce the unemployment rate further, suggesting that the economy's potential growth rate could conceivably be close to zero," Paul Ashworth, chief U.S. economist at Capital Economics, told CNBC. He attributed the declining unemployment rate to a "generational low in labor force participation, suggesting that outside a decline in labor slack, there's little moving economic growth."
Polls continue to show that economic issues are the top priority for most Americans, but apparently they're not a top priority for the major news networks.