Wanted to share this portion of an article from MarketWatch (click here to see original article) posted By Greg Robb at MarketWatch this afternoon, 1:25 p.m. EST Feb. 1, 2008:
“WASHINGTON (MarketWatch) — Perhaps providing the smoking gun indicating that the nation’s economy has entered a recession, government data released Friday showed a net reduction in U.S. nonfarm payrolls for the first time in more than four years.
As employers cut back their hiring, nonfarm payrolls fell by an estimated 17,000 in January, the Labor Department said. This is the first decline since August 2003. Read government report.
The nation’s unemployment rate also fell, trending down to 4.9% from 5%.
The decline in payrolls came in stark contrast to the increase of 85,000 jobs that had been expected by Wall Street economists surveyed by MarketWatch. See Economic Calendar.”
Filed under: 9 Trillion Dollar Debt, Democrats, Federal Reserve, Republicans, Taxation, U.S. Economic Recession, U.S. dollar, World Market, debt, deficit, deficit reduction, interest rates, middle class wiped out, monetary policy, payrolls shrinking, raising taxes, recession, rising unemployment, ron paul, taxes, taxpayers money, the people, too much credit 800 bil$/yr current account deficit, unemplyment, value of U.S. Dollar, wall street, weak dollar, weakening dollar
