The struggling U.S. economy and the unfolding 2012 presidential race accounted for about one-third of the newshole, further evidence that these two domestic issues have become for now the dominant narratives in the U.S. mainstream media.

From June 27-July 3, the economy accounted for 19% of the newshole, according to the Pew Research Center’s Project for Excellence in Journalism. That marked the second week in a row that economic coverage—driven by the partisan differences stalling deficit reduction talks—has been the No. 1 story.

That was followed, at 13%, by the presidential campaign, which was fueled by GOP Rep. Michele Bachmann’s official announcement of her candidacy. Bachmann was the major player in last week’s campaign coverage, appearing as a prominent newsmaker in more than 40% of the stories about the race. (To register as a prominent newsmaker, someone must appear in at least 50% of a story.)  And in recent weeks, the media narrative has helped elevate Bachmann from the ranks of the long shots to a significant figure in the Republican field.

Read the full report, Obama and Bachmann Drive Economic and Election Coverage, on the Pew Research Center's Project for Excellence in Journalism Web site.