Employers dumping employees at a record rate - 63K jobs cut in Feb - and FRB considers a FULL POINT rate cut
oopsies... atrios wins again...
if the fed cuts interest rates by a full point, it will be a sign to everyone that we are in ever so much more serious shit than we are being told, which, of course, anybody paying the slightest bit of attention has already figured out...
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The economy unexpectedly shed 63,000 jobs in February, the government said on Friday, fueling fears of a recession as manufacturers and construction companies cut their work forces amid the continuing housing crisis.
It was the fastest fall-off in the labor market in five years, and the report raised anticipation on Wall Street that the Federal Reserve will lower interest rates again later this month. Some investors are now predicting a more drastic cut of a full percentage point.
[...]
The private sector lost 101,000 jobs last month, the biggest drop-off in five years. Retail, construction and factory jobs were hit hardest.
if the fed cuts interest rates by a full point, it will be a sign to everyone that we are in ever so much more serious shit than we are being told, which, of course, anybody paying the slightest bit of attention has already figured out...
Labels: credit crisis, economic collapse, economy, financial markets, financial meltdown, housing market, job cuts, recession
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posted by profmarcus at
3/07/2008
