I admit to feeling some of that “lack of consumer confidence” myself. No pink slips at my workplace, not that I’ve heard rumor about at least, but news like this doesn’t help.
Employers cut 17,000 jobs from their payrolls in January, Labor Department figures showed. Economists had been expecting a rise of 80,000.
The job losses were across all sectors of the economy including manufacturing and professional services.
“The economy is in recession mode,” said Peter Morici, an economist at the University of Maryland.
On the topic of recessions and workers (employed or otherwise) and what we can expect, Working Life blogger Jonathan Tasini reports on analysis from the Center for Economic and Policy Research.
Why listen to what CEPR says? Well, for one, if the world had listened to CEPR, and, in particular Dean Baker, rather than the morons on Wall Street and on the flickering screen, we would have realized a housing bubble was a serious threat long time ago.
So, CEPR says: [click through to see for yourself]