February Jobs Report Shows Weakening Economy
Posted on March 8, 2008Yesterday's jobs report told a tale of weakness. The U.S. economy lost over 60,000 jobs in the short month of February and over 20,000 jobs in January. An AP story says pink slips have increased and some economists hear the recession bell ringing.
Stuart Hoffman, chief economist at PNC Financial Services Group, told the AP, "It sounds like the recession bell is ringing for the U.S. economy, although it is still faint."
President Bush was quick to reassure everyone that the economy is not in a recession. Bush said, "I know this is a difficult time for our economy, but we recognized the problem early and provided the economy with a booster shot. We will begin to see the impact over the coming months."
Less and less people are expecting the quick recovery that President Bush is. With the DOW falling under the 12,000 mark Friday next week could be a difficult one.