Jobs unexpectedly drop — is the economy already in a recession?
Posted by: in Stocks Money NewsFiled under: Economic data, Housing, Federal Reserve, Recession
Not good. Not good at all!
The U.S. has experienced a surprise drop in jobs in January for the first time since August 2003. Some economists have estimated that the U.S. had entered recession already in December of 2007. The recent GDP statistics of an abysmal 0.6% growth in the last quarter of 2007, as well as the weak 2% rate in consumer spending in the last quarter, certainly could back that up. Now, this 17,000 loss of jobs in January, which none of the 80 economists surveyed by Bloomberg had predicted (the median called for an addition of 70,000 jobs according to Briefing.com), further increases the odds the economy will fall into a recession. That is, if it hasn’t already.
Continue reading Jobs unexpectedly drop — is the economy already in a recession?
Read | Permalink | Email this | Comments
Entries (RSS)