Recession in the US has arrived
Banks begin to admit what the
government won't.
The feared recession in the US economy has already arrived,
according to a report from Merrill Lynch. It said that Friday’s employment
report, which sent shares tumbling worldwide, confirmed that the US is in the
first month of a recession…
An official ruling on whether the US is in recession is made by the National Bureau of Economic Research, but this decision may not come for two years…
It bases its assessment on final figures on employment, personal income, industrial production and sales activity in the manufacturing and retail sectors…
Merrill also objected to the use of euphemistic terms for the state of the economy.
“To say that the backdrop is ‘recession like’ is akin to an obstetrician telling a woman that she is ’sort of pregnant’”.
Another aspect of the discussion - predictably - is the “I’m all right, Jack” crowd - who really don’t give a damn about anyone else, anyway.
An official ruling on whether the US is in recession is made by the National Bureau of Economic Research, but this decision may not come for two years…
It bases its assessment on final figures on employment, personal income, industrial production and sales activity in the manufacturing and retail sectors…
Merrill also objected to the use of euphemistic terms for the state of the economy.
“To say that the backdrop is ‘recession like’ is akin to an obstetrician telling a woman that she is ’sort of pregnant’”.
Another aspect of the discussion - predictably - is the “I’m all right, Jack” crowd - who really don’t give a damn about anyone else, anyway.
Posted: Wed - January 9, 2008 at 08:07 AM