Since we have the luxury of a full time economist on our Board of Advisors, I followed up with Jared Bernstein after reading the following in today’s Wall Street Journal article about the February jobs report:
“U.S. recession fears mounted as employment fell in February at its fastest rate in five years, suggesting that the housing and credit crunch is gripping the broader economy. U.S. nonfarm payrolls fell by 63,000 in February, after declining 22,000 in January. If not for a rise in government jobs last month, payrolls would have fallen by more than 100,000. However, the unemployment rate dropped to 4.8% from 4.9%.