NEWS ALERT
from The Wall Street Journal
March 13, 2008
The U.S. has finally slid into recession, according to the majority of economists in the latest Wall Street Journal economic-forecasting survey, a view that was reinforced by new data showing a sharp drop in retail sales last month. The survey, conducted March 7 through 11, marked a precipitous shift to the negative from the previous survey conducted five weeks earlier.
For example, the economists now expect nonfarm payrolls to grow by an average of only 9,000 jobs a month for the next 12 months--down from an expected 48,500 in the previous survey. Twenty economists now expect payrolls to shrink outright. And the average forecast for the unemployment rate was raised to 5.5% by December from 4.8% in the previous survey.
FOR MORE INFORMATION, see: http://online.wsj.com/article/SB120534519452630845.html?
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