[lbo-talk] It's official: Worst recession since WWII

[SA]

...if you use the literal meaning of "recession" (as in a reduction or 
contraction) and you focus on employment:


> The economy lost another 524,000 jobs in December, and the job losses 
> in October and November were slightly worse than initially estimated, 
> the Labor Department reported this morning. In all, the economy lost 
> more than 1.9 million jobs during the final four months of 2008.
>
> The loss equals 1.4 percent of the nation’s employment base. During 
> the worst days of the early 1980s downturn, the economy never lost 
> more than 1.3 percent of jobs over a four-month span.

http://economix.blogs.nytimes.com/2009/01/09/worse-than-the-early-80s/

SA