What CNN Hopes Trumps What We Know

See this extensive report residing on the CNN/Money homepage today that establishes an undeniably negative view of the economy based on speculations about this upcoming Friday's jobs report, which, quite obviously, we know nothing about. Contrast that with this fleeting blurb buried deep within the bowels of CNN/Money's sprawling website about an actually released jobs report with actual numbers that was released today. Granted the ADP report has given strange signals once in a while and it is not a "mainstream" economic report, but its reputation is gaining and it is hard to ignore data from such a source as entrenched the economy as ADP. It is enough to make you think that CNN wants us to think the economy is in terrible shape!

Kudlow thinks the recession debate is over and here is a money quote from a bull:
``It's time for the people who are telling this recession story to put up or shut up in terms of the data,'' said Robert Stein, senior economist at First Trust Advisors LP in Lisle, Illinois, and a former Treasury deputy assistant secretary for macroeconomic analysis. ``If you look at the labor market, if you look at consumption, nothing is falling off a cliff in the way you generally see at the beginning of a recession.''

And Stephen Roach is bearish...what more do you need?!?!