80,000 Jobs Shed - Are We Already in a Recession?

For the past three months, unemployment has continued to rise. In March, 80,000 jobs were shed. The manufacturing and construction industries have been particularly hard hit, and according to the Labor Department, more jobs were cut in January and February than previously estimated.

Jared Bernstein, an economist at the Economics Policy Institute, said, "Three months in a row of payroll job losses and a sizable negative revision: these are clear signs that the job market is in recession. I'm hard-pressed to imagine anyone who would raise doubt to that at this point."

And according to the chief United States economist at Global Insight, Nigel Gault, who believes the recession started back in December, "It's not like we are starting this month. We're in it; we've been in it."




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