›

We are OFFICIALLY in a RECESSION

aldrethaldreth
edited October 2007 in The Economy
http://www.bloomberg.com/apps/news?pid= ... refer=home


Economists surveyed by Bloomberg News had forecast that payrolls rose 100,000 during the month, the actual number... -2k

This is the first time in 4 years we have experienced negative job growth. The numbers everywhere point to a crash. Even if the FED steps in now, it will not matter short term, the markets must react accordingly.

I believe the markets will lose 300 or more today, depending on the FED's injections.

Comments

  • The_TimThe_Tim
    Also worth mentioning is the fact that the previous two months' reports were both revised downward:
    Revisions subtracted 81,000 workers from payroll figures previously reported for June and July.
    I expect the same for this month's report.
  • financefinance
    aldreth - The official definitioin of a recession is 2 consecutive quarers of negative GDP growth...since we are still having positive economic growth your statment is incorrect.

    I will state that the odds of a recession are increasing, yet the whole economy is not stagnating. Many business and professional companies are still expanding in areas non-mortgage/real estate related.
  • perplexdperplexd
    finance wrote:
    aldreth - The official definitioin of a recession is 2 consecutive quarers of negative GDP growth...since we are still having positive economic growth your statment is incorrect.

    So it's only an unofficial recession, since the underreported official inflation figures also officially overreport GDP by not backing out enough for real inflation.

    By this measure the recession probably started a long while ago.

    http://www.shadowstats.com/cgi-bin/sgs/data

    (of course, the employment numbers are also juiced, so just imagine how bad they really are if the report comes out this bad!)
  • Denny RetrogradeDenny Retrograde
    Thanks for noticing, MSM! Of course, no local story yet outside of Real Change, but at least a local paper printed this AP piece.
    http://seattlepi.nwsource.com/business/1310AP_Stretching_Paychecks.html
Sign In or Register to comment.