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What the HELL is happening!?!?
March 7 (Bloomberg) -- The U.S. unexpectedly lost jobs in February for the second consecutive month, adding to evidence the economy is in a recession.
Payrolls fell by 63,000, the biggest drop since March 2003, after a decline of 22,000 in January that was larger than initially estimated, the Labor Department said today in Washington. The jobless rate declined to 4.8 percent, reflecting a shrinking labor force as some people gave up looking for work.
A weakening job market, combined with lower home values, higher fuel bills and stricter lending rules, raises the odds consumer spending will keep slowing. Falling employment is one reason Federal Reserve Chairman Ben S. Bernanke has signaled central bankers are prepared to lower interest rates again.
``All the lights are flashing red,'' said Nariman Behravesh, chief economist at Global Insight Inc. in Lexington, Massachusetts, in an interview with Bloomberg Television. ``We're in a recession. I don't think there is any doubt about it at this point.''
Minutes before the figures were released, the Fed said it will expand two short-term auctions this month to $100 billion, from $60 billion, to address ``heightened liquidity pressures'' in markets. Treasury notes surged and the dollar weakened after the employment figures.
Worse Than Anticipated
Economists had projected payrolls would rise by 23,000 following a previously reported 17,000 drop in January, according to the median of 76 forecasts in a Bloomberg News survey. Estimates ranged from a decline of 110,000 to a gain of 70,000.
The jobless rate was forecast to rise to 5 percent from January's 4.9 percent, with projections ranging from 4.8 percent to 5.2 percent.
Revisions reduced by half the 82,000 increase in payrolls previously reported for December.
Continued: http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=a7D0UZKL2TsM
What the HELL is happening!?!?March 7 (Bloomberg) -- The U.S. unexpectedly lost jobs in February for the second consecutive month, adding to evidence the economy is in a recession.
Payrolls fell by 63,000, the biggest drop since March 2003, after a decline of 22,000 in January that was larger than initially estimated, the Labor Department said today in Washington. The jobless rate declined to 4.8 percent, reflecting a shrinking labor force as some people gave up looking for work.
A weakening job market, combined with lower home values, higher fuel bills and stricter lending rules, raises the odds consumer spending will keep slowing. Falling employment is one reason Federal Reserve Chairman Ben S. Bernanke has signaled central bankers are prepared to lower interest rates again.
``All the lights are flashing red,'' said Nariman Behravesh, chief economist at Global Insight Inc. in Lexington, Massachusetts, in an interview with Bloomberg Television. ``We're in a recession. I don't think there is any doubt about it at this point.''
Minutes before the figures were released, the Fed said it will expand two short-term auctions this month to $100 billion, from $60 billion, to address ``heightened liquidity pressures'' in markets. Treasury notes surged and the dollar weakened after the employment figures.
Worse Than Anticipated
Economists had projected payrolls would rise by 23,000 following a previously reported 17,000 drop in January, according to the median of 76 forecasts in a Bloomberg News survey. Estimates ranged from a decline of 110,000 to a gain of 70,000.
The jobless rate was forecast to rise to 5 percent from January's 4.9 percent, with projections ranging from 4.8 percent to 5.2 percent.
Revisions reduced by half the 82,000 increase in payrolls previously reported for December.
Continued: http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=a7D0UZKL2TsM
