BernieHund: The Political Watchdog

The question seems to be answered at this point.  It is looking like recession… at least for the 80,000 people who lost their jobs in March.  In the three previous months a total of 85,000 jobs had been lost.  The trend is definitely downward in the employment market.

In recent testimony before Congress Federal Reserve Chairman Ben Bernanke has all but confirmed that we are in a recession and has indicated that 2008 isn’t going to be one of the best years for most of us economically.  Apparently, by the time the facts are in and a recession has been declared, it is usually over or almost over.  A recession, to be called a recession, requires two consecutive quarters of decline in economic growth.  That’s six months!  And, luckily, if we have to see the contraction in economic growth, it has usually passed before anyone says we are there or were there.

Sharp downturns in the manufacturing and construction sectors led the decline, the biggest in five years. The Labor Department also said employers cut far more jobs in January and February than originally estimated.

There were fewer jobs in March than there had been five months earlier. In the last 50 years, whenever there has been an employment downturn like the one of the last few months, a recession has followed.

It’s here.