Recession 2008?

Economic Indicators - Recession?


March 7 - 2008 - The U. S. Labor department estimated the the nation lost 63,000 jobs in February 2008 =

1) most jobs lost in 5 years,
2) second consecutive monthly decline,
3) third drop in private-sector jobs, largest fall in payroll
4) number of officially unemployed has risen by 500,000
5) number of people outside the labor force (not working, not looking for a job) has risen by 1.3 million
6) median household income was $48,200 in 2006 (vs. $49,200 in 1999

The recession-dating committee of the National Bureau of Economic Research (seven academic economists based in Cambridge, MA) defines a recession as a "significant, protracted decline in activity that cuts across the economy, affecting measures like income, employment, retail sales, and industrial production," (New York Times). It is the most often cited judge of recessionary periods. It declared the last recession, which began in November 2001, in 2003.