The economy unexpectedly shed 63,000 jobs in February, the government said on Friday, fueling fears of a recession as manufacturers and construction companies cut their work forces amid the continuing housing crisis. It was the fastest falloff in the labor market in five years...
“I haven’t seen a job report this recessionary since the last recession,” said Jared Bernstein, an economist at the Economic Policy Institute in Washington. “This is a picture of a labor market becoming clearly infected by the contagion from the rest of the economy.”
Friday, March 07, 2008
There. I said it, even if there are still some who will not admit it.