Economic Layers National Global National Sector Regional You Company (c) 2001 by Russell G. Todd

6 Kinds of Business Journalism Economic Financial Commercial Personal Finance Consumer—service journalism Legal/Regulatory

Economic Journalism Examines health of economies, its various components. Often based on economic indicators. Deals with theory: supply-side, Keynes. Federal Reserve is focus of control. Can be localized down to region, state, county, metro areas. Cars & houses are biggest components.

Financial Journalism Focuses on money and markets. Bank lending and other loans. Bond market. Stock market. Forex market. Real estate, gold, oil, other “hard” assets. Derivatives: options, futures, exotics. Mutual funds and other managed investments.

Commercial Journalism Focuses on companies, both private and public. Organized into industries and sectors. Many spot stories about personnel, products, deals, etc. Emphasis on competition, innovation, success. Key to local business coverage. Most reporters start here.

Personal Finance Emphasis on individual investment options, portfolios. Often looks at “hot” investment trends. Includes insurance, retirement, day trading, etc. Usually “how-to,” often in second person. Not usually the domain of beginners.

Consumer Journalism Focuses on getting most for money. Also often in second person. Compares products and services (e.g., travel). Focuses on innovation, new models and abilities, etc. Can focus on anything people spend money on. Rarely localized well.

Regulation/Legal Journalism Focuses on new rules and changes in law. Focuses on violators of rules, law. Can involve courts, regulators such as SEC, CFTC, state securities regulators. Can focus on companies, individuals or both. Sometimes results from investigation by regulators, journalists. Whistleblowers often initiate stories.

4 Touchstones for Reporters Supply: rising/falling; quality Demand: rising/falling Liquidity: savings level, borrowing costs New information: how does it affect the first three?