The breakdown in trust of news institutions has many sources, so correcting factual faults is just addressing one part. Omission and selective use of facts, misleading context, and misleading language seem to carry a higher penalty for trust in todays environment where it is very easy to provide the original source when ever a slightly biased news article is published. A factually error is very binary, true or false, while omission and selective use of facts gives room for much more outrage and distrust of otherwise well establish news institutions.
The Economist and the New York Times may have good practices in regard to errors, but there is a clear difference in their reporting to independent fact checking sites. To make matters worse, even those examples of "excellent" news papers tend to have a clear and open political alignment. With increased political polarization this then result in a rather natural distrust of news institutions, even those that are vigilant in correcting errors after they have occurred.
The Economist and the New York Times may have good practices in regard to errors, but there is a clear difference in their reporting to independent fact checking sites. To make matters worse, even those examples of "excellent" news papers tend to have a clear and open political alignment. With increased political polarization this then result in a rather natural distrust of news institutions, even those that are vigilant in correcting errors after they have occurred.