Recession Over? Depends Who You Ask

Source: Mark Brenner, Labor Notes, no. 366, September 2009

When the Labor Department announced that a quarter million jobs were lost in July, the news was greeted with cheers and backslapping on Wall Street. One week later the Federal Reserve declared the worst was over–we were on our way out of the recession. Almost as an afterthought, the Fed also predicted that unemployment would stay close to 10 percent until the end of 2010.

Leave a Reply