Economic news is one way through which the media can make a big difference. The power of media is such that it can affect price movements and even change mindsets.
There is not much of a difference between business and economic news. Pick up any news journal and you will see both business and economic news grouped together. However, there is a slight difference between the two.
You may want to define business news as only those relating to business and economic news as news regarding the overall local, national or global economy. But if you look at it the other way round, economic news have a great impact on growth of existing businesses and crucial for identifying business opportunities.
You may want to access economic news due to reasons other than business. Most people tend to keep themselves well informed of government policies that affect our lives and more importantly their effect on household budgets.
The most important thing about economic news, however, is the power of the media. Media normally focuses on economic news with an underlying idea of attracting attention of the general public. In its effort to grab attention, the media tends to sensationalise news. For example, if the media reports that half the population believes that the economy is in bad shape, it is liable drive fear and become a self-fulfilling prophecy. That, in fact, is not economic news but sensationalism.
The flip side is that so-called economic news of this type can help in an economic recovery if the media is more responsible and focuses on the need of the hour rather than highlighting negativity.
The power of the media in economic news can be also be gauged by the fact that one piece of economic news can move stock prices either way and yield abnormal profits to vested interests who planted it in the first place.
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