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More Economists Agree We Are In A Recession

Posted By admin On March 14, 2008 @ 8:55 am In Old Infowars Posts Style,U.S. News | Comments Disabled

PHIL IZZO and SUDEEP REDDY
Wall Street Journal
March 14, 2008

Economists in the latest Wall Street Journal forecasting survey are increasingly certain the U.S. has slid into recession, a view reinforced by new data showing a sharp drop in retail sales last month.

“The evidence is now beyond a reasonable doubt,” said Scott Anderson of Wells Fargo & Co.

Thirty-six of 51 respondents, or more than 70%, said in a survey conducted March 7-11 that the economy is in recession.

The Commerce Department said yesterday that retail sales fell 0.6% in February; sales excluding the volatile auto and auto-parts categories fell 0.2%. The declines reflect a sharp slowdown in consumer spending, which accounts for more than 70% of U.S. economic activity, as Americans grapple with high gasoline and food costs and declines in home values and other asset prices.

The survey marked a precipitous shift toward pessimism from the previous survey, conducted five weeks earlier. The economists now expect nonfarm payrolls to grow by an average of just 9,000 jobs a month for the next 12 months — down from a previously expected 48,500. Twenty economists expect payrolls to shrink outright. On average, the economists predicted the unemployment rate will be 5.5% in December, up from the current 4.8%.

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