Wednesday, February 6, 2008
Is the U.S. already in a recession? Sure looks like it.
Almost daily news is released showing the U.S. economy is slowing. The consensus seems to the we are already in a recession. What are the implications for the War in Iraq? U.S. foreign policy? Unemployment and the economic health of the U.S. moving forward? What would be the implications for you (and the rest of the world) if you were abroad as a foreign correspondent and the world's largest economy heads into a deep downturn? How would you report this story? - MT
(PAGE ONE - WSJ, 2-6-08) Recession worries surged, slamming financial markets, amid signs that service businesses -- from hotels and retailers to banks -- may be stumbling in both the U.S. and Europe.In the U.S., a key barometer of the strength of the service sector dropped to its lowest level since October 2001, and suggested those businesses are now contracting. In Europe, a similar indicator fell to a four-year low.The readings fanned fears on Wall Street that the U.S. is about to tip into recession, if it hasn't already done so, particularly startling analysts who had viewed services as the nation's last bastion of economic growth.http://online.wsj.com/article/SB120221986525544121.html?mod=hps_us_pageone
Stocks plummeted on Wall Street on Tuesday after a business survey provided another strong signal that the United States might be in the early stages of a recession. The Dow Jones industrial average fell 370 points as the market experienced its worst day in nearly a year. http://www.nytimes.com/2008/02/06/business/06stox-web.html?ex=1360040400&en=9470859e1128992b&ei=5124&partner=permalink&exprod=permalink
NEW YORK (AP) -- Lingering hopes that the U.S. economy might avert a recession withered Tuesday after the nation's service sector -- its banks, travel companies, contractors and stores, among others -- shrank for the first time in five years.http://www.nytimes.com/aponline/business/AP-Economy.html?scp=4&sq=Recession&st=nyt
Alfred Hitchcock's "Foreign Correspondent"