Busted: Bankers and The Global Economy

March 8, 2008

Recession is “Official”

Filed under: federal reserve, government, politics — Tags: , , , , — digitaleconomy @ 9:31 am

Because economists have said the U.S. needs to create about 100,000 jobs each month to keep up with new entrants to the workforce, and payrolls have fallen for the second straight month, then the recession must officially be here. The jobs report says so.

Early Friday, the Labor Department said U.S. employers shed more jobs last month than in any month in almost five years. Payrolls fell by 63,000 in February, and January’s 17,000 decline was revised lower to 22,000.

Ben Bernanke has already hinted that the U.S. is in a recession when he said today’s conditions are more challenging than in 2001.

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