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September 7, 2007

Recession Now? Soon?

-- by Dave Johnson

Very bad news on jobs. The economy is shedding jobs. August jobs cut by 4,000, first drop in 4yrs

U.S. employers cut 4,000 jobs in August, the first time in four years that monthly hiring contracted, the government said on Friday in a report certain to boost pressure on Federal Reserve policy makers to cut interest rates.

... In addition to the August job losses, the Labor Department revised down its estimates for hiring in June and July by a total of 81,000. It said 68,000 jobs were added in July rather than 92,000 and 69,000 in June instead of 126,000.

Posted by Dave Johnson at September 7, 2007 6:27 AM

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