Monday, December 01, 2008

The fundamentals of our economy are NOT strong.

Makes me wonder if McCain's people even knew how much of a wonderland they were living in during the course of the campaign.

Via the NYTimes:

It’s official: for the last year, the United States economy has been in recession.
The evidence of a downturn has been widespread for months: slower production, stagnant wages and hundreds of thousands of lost jobs. But the nonpartisan National Bureau of Economic Research, charged with making the call for the history books, waited until now to weigh in.
The committee noted that the contraction in the labor market began in the first month of 2008 and said that the declines in most major indicators, like personal income, manufacturing activity, retail sales, and industrial production, “met the standard for a recession.”
The announcement came as the stock market fell sharply, its first decline in five sessions. The Dow Jones industrial average was off more than 430 points or 4. 9 percent as the last hour of trading begin. The Standard & Poor’s 500-stock index was down 5. 9 percent.
Investors may also be playing defense ahead of Friday’s report on the job market, one of the most important monthly indicators of the health of the economy. Analysts expect that employers shed more than 300,000 jobs in November, underscoring the problems facing American workers and businesses.
A separate report from the Commerce Department showed that spending on construction projects fell 1.2 percent in October, after staying unchanged in September. Private construction dropped 2 percent with a sharp drop in the residential sector, offering few signs of relief from the housing slump.
Hmmm... How do the fundamentals of the Bush economy look now, Johnny Boy?

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