Nonfarm employment fell by 159,000 jobs in September according to the latest Bureau of Labor Statistics report (http://stats.bls.gov/news.release/empsit.nr0.htm).
Update the chart below with that data and you can see we are in recession. It’s just not official yet.
Job Growth
(Click on chart to enlarge)
Recessions shaded
Will the bailout stop the economy’s slide? It can’t. It’s too late. There’s too much bad news and the economy is deteriorating at too rapid a rate. The choice before us now is: Bad recession or horrible recession, not whether or not there will be a recession.
If the bailout works, we’ll have a bad recession that lasts quite a while. If the bailout doesn’t work, we’ll have a horrible recession that lasts even longer.
Stay tuned.
Will the bailout stop the economy’s slide? It can’t. It’s too late. There’s too much bad news and the economy is deteriorating at too rapid a rate. The choice before us now is: Bad recession or horrible recession, not whether or not there will be a recession.
If the bailout works, we’ll have a bad recession that lasts quite a while. If the bailout doesn’t work, we’ll have a horrible recession that lasts even longer.
Stay tuned.
(The charts are taken from http://www.beyourowneconomist.com. [Click on Seminars and then Charts.] Go there for additional charts on the economy and a list of economic indicators.)
© 2008 Michael B. Lehmann
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