Economists May Not Call It Recession, But Job Stats Say It Is

McClatchy:

The combination of falling home equity, the rising cost of food, health care and housing, tighter credit and eight straight months of job losses -- 84,000 in August alone -- has put the squeeze on middle-class families struggling to stay afloat in a slumping economy.

Although economists haven't yet labeled the economic downturn a recession, every time payrolls have declined this consistently since 1948 the economy has been officially in recession, according to the Economic Policy Institute, a Washington-based liberal think tank.

Read the whole story: McClatchy

Comments

[GeoLee]

The economy needs the highest dose of Zoloft available, not one of those anti anxiety drugs it has been taking. But with all the concessions to the drug industry, I am not sure it can afford to buy the Zoloft.

[ObamAtomic]

McPow/PaMoo,,they not get!

[Bobrobert]

If the Treasury is taking over Fanny and Freddie we are in a depression.

The government didn't even try to take over the mortgages during the depression - it is suicidal.

The American people are being taxed to keep 5 TRILLION plus in busted mortgages!!!!

Ummmmm - depression folks.

[MetalCanuck]

Hit the nail on the head. Its over for the American dollar, I do not believe the market anymore. Buy Silver and gold.

[TransformationOnEarth]

This country is going down in flames! Maybe we should let McCain and Palin win. Otherwise, if Obama does, all the chit from the last 16 years of Republican rule and rap of this country and its resources will all be blamed on im in the guise of "he's not doing enough fast enough." And what has George W. Bush done for you lately?

[gcallaghan]

"Our economy remains fundamentally strong." -mcpow

" ." -palin