NY Times: Is It a Recession?clipped by: abailart 
3
Something has clearly gone wrong with the economy. But how bad are
things, really? And how bad might they get before better days return?
Even to many economists who recently thought the gloom was overblown,
the situation looks grim
Job losses will probably accelerate through this year and into 2009, and
the job market will probably stay weak even longer. Home prices will probably
keep falling, shrinking household wealth and eroding spending power.
Is this a recession?
Officially, no.
Unofficially, many economists think a recession started six or seven months ago,
If enough people lose their jobs, factories stop making things, stores stop selling things, and less money lands in people’s pockets, it is probably a recession.
Whatever it is called, it is a painful time for tens of millions of people. Indeed, this may turn out to be the most wrenching downturn since the two recessions in the early 1980s;
Tags: economics
0 Comments
Login