December 7, 2007
TIME TO REDEFINE RECESSION AGAIN:
US job gains eases pressure on Fed (Daniel Pimlott, 12/07/07, MSNBC)
Non-farm payroll data from the Labour Department showed that the numbers of employed people rose by 94,000 in November, following a 170,000 surge in October. The unemployment rate remained at 4.7 per cent. Economists had expected only 80,000 jobs to be created and unemployment to rise to 4.8 per cent, after most other data this month had suggested a worsening jobs environment.
Since the economy grew during the last two periods people refer to as recessions, maybe we should just consider growth under 3% to be a recession? Posted by Orrin Judd at December 7, 2007 11:52 AM
Comments
This was decent growth considering residential construction jobs declined by 24,000. Mortgage and other financial services lost 13,000 jobs. And, manufacturing declined as well.
Posted by: Kurt Brouwer at December 7, 2007 3:09 PMDon't tell the Europeans - they will have been in recession for the past 30 years.
Posted by: ratbert at December 8, 2007 2:34 AM