Hudson Economic Report, March 7, 2008
Markets were volatile as the Labor Department reported that payroll jobs in February declined for the second month in a row, with downward revisions to December and January’s initial estimates equaling 46,000. Slowing services growth combined with continued decline in the manufacturing sector led to a loss of 63,000 jobs. The question remains as to whether today’s data are the first sign of a recession, namely two consecutive quarters of negative economic growth. Only time will tell.