Unemployment jumps to 5%, Bear Stearns economist says we may already be in a recession

[w¡n9Nµ7 §£@¥€r 123]

U.S. stocks on Friday sank for a third time this week after the government reported the jobless rate jumped up to 5% in December, signaling broader troubles for the economy.

...

"Since 1949 the unemployment rate has never risen by this magnitude without the economy being in recession," said John Ryding, chief U.S. economist, Bear Stearns.

http://www.marketwatch.com/news/story/us-s...B9E74C62B438%7D

[AUBGER 0]

Well...a recession was expected for quite a while now so I guess it's not that surprising. With all the war expenses the US had for last a few years, I'm surprised it didn't hit the country earlier.

[Nanusia & Lukaszek 0]

According to me, we've been in a recession since 2001. It's just never been the same

[Dan J 277]

Well...a recession was expected for quite a while now so I guess it's not that surprising. With all the war expenses the US had for last a few years, I'm surprised it didn't hit the country earlier.

There are some people still in denial about it though. It does take awhile for trends in the economy to filter throughout all industries. Some people can't see anything coming until it starts to affect them directly.

[w¡n9Nµ7 §£@¥€r 123]

There are some people still in denial about it though. It does take awhile for trends in the economy to filter throughout all industries. Some people can't see anything coming until it starts to affect them directly.

WASHINGTON (AP) - President Bush said Friday that while there is some uncertainty about slowing economic growth, the nation's "financial markets are strong and solid."

http://www.breitbart.com/article.php?id=D8...;show_article=1

As of this moment, the DJIA is down about 250 points today.

Edited January 4, 2008 by VJ Troll

[Dr. A ♥ O 203]

I swear I just read a posted Forbes article that predicted the American economy would skate along in 2008 and would bypass recession again. That the economy would even come back a little stronger in some areas. hmmm... (((arms crossed and foot tapping smilie)))

[kaydee457 13]

It wasn't too long ago that 5% unemployment was considered "normal"....

These idjits in the markets need to stop talking themselves into a recession that doesn't exisist!

[Trumplestiltskin 5,791]

If that unemployment average is accurate it will affect consumer spending, if it hasn't already.

Even if we don't go into recession this year it can hardly be said that the US economy is a picture of health right now.