It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
NEW YORK (CNNMoney.com) -- The unemployment rate soared to a nearly five-year high in August, topping 6%, as employers trimmed jobs for the eighth straight month, according to the latest government reading Friday that came in weaker than forecasts.
The big surprise in the report was that the unemployment rate rose to 6.1%, the highest level since September 2003. That's up from the 5.7% rate in July and 4.7% a year ago. Economists surveyed by Briefing.com had forecast the rate would remain unchanged from the July reading.
There was a net loss of 84,000 jobs in August, according to the Labor Department, compared to a revised reading of a 60,000 job loss in July. Economists surveyed by Briefing.com had forecast a loss of 75,000 jobs.
With the August report, the U.S. economy has now lost 605,000 jobs so far this year.
Originally posted by Jemison
I haven't read the thread you are referring to but based on the title I think the answer is very simple.
"Recession" in terms of economics has a very definite definition and is based on a formula.
Currently, our economy does NOT fit the criteria for a 'recession'.
Times are tough, no doubt. There is a slow-down, no question. But we are NOT in a 'recession'.
Has the stock market already voted by absentee ballot in this November's presidential race? It may very well be in the process of doing just that.
And a big clue as to how it is voting is provided by Thursday's dismal stock market, in which the Dow Jones Industrial fell by 345 points. For the still-young month of September, the Dow is now down 3.1%.
This points to an increased likelihood that the Democrats will reclaim the presidency in November's election.
The reason I can even attempt to draw these conclusions from the stock market's recent behavior is an analysis conducted by Ned Davis Research, an institutional research firm based in Venice, Fla.
So it looks like the WSJ, a conservative rag, says that the jobs report SCREAMS RECESSION. All the while you are screaming that we are not in one.
As a general rule, the economy is in recession when it shows two consecutive quarters of contraction
this algorithm indicates that the data through June 2008 do not yet exceed the recession threshold, and will do so only if things get much worse.
In much the same way, those who say "this doesn't fit in the model" Are risking the health of the patient simply because not every single element which they expect to see is there... yet.