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Anyone Still Think We’re Not In A Recession?
There is little doubt that not only are we in a recession, but that we have been for months. And yet I still hear a surprising number of delusional people stating that things are not as bad as they seem. (“If the media would just stop talking about a recession, we wouldn’t slip into one,” they tell themselves and anyone else who will listen. As the New Yorker put it – the first rule of recession is to not talk about recession).
Look at the jobs report today if you have any doubts. Non-farm payrolls declined by 63,000 jobs, January and December reports were revised downward, as February will be too in a month. If government hadn’t been adding so many people to its payrolls last month, the February numbers would have been even more horrifying. As they were, it was still the worst monthly report in 4 years. We’re in a recession, and despite strong corporate balance sheets, the U.S. consumer is in no position to do anything to help pull us out. It’s going to be a while before the long, slow recovery even begins.
[tags]Unemployment, U.S. Labor Statistics, Are We In A Recession? Of Course We Are, Jobs Report, Non-Farm Payroll, Governemnt Jobs, U.S. Consumers, Corporate Balance Sheets, Economic Recovery, Economic Recovery Sometime In 2009[/tags]