If You Believe In Fairies
Sep 5th, 2008 at 8:45 pm by Susie
Clap your hands! No recession here!
WASHINGTON — Recession fears are back with a bang and the economy is front and center in the political arena again after a Labor Department report Friday showed that the nation’s unemployment rate leapt to 6.1 percent in August, employers shed jobs for the eighth consecutive month and revised numbers for earlier months showed even greater payroll hits.
Employers shed 84,000 jobs last month, the Labor Department said, and the unemployment rate moved up by a larger than expected four-tenths of a percentage point. There were job losses across most of the broad spectrum of U.S. employment, especially in the manufacturing, retail and construction sectors.
The strong 3.3 percent economic growth in the second quarter of this year, led by solid U.S. exports, had eased recession concerns. But Friday’s jobs numbers pointed to a serious slowdown and erased any confidence about the economy for just about anyone outside the optimistic Bush administration.
What world do these people live in that they think we’re not already in a recession?