:On Fri, 4 Apr 2008 23:49:53 +0100, "Dave" wrote: : :>"Jim Thompson" wrote in :>message news: snipped-for-privacy@4ax.com... :>> Why does the BBC report that the US jobless rate at 5.1% represents :>> "serious recession", while reporting the UK rate _increasing_ to 5.5% :>> means the good times are here ?:-) :>>
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:>Well jobless rate and recession aren't the same thing. Recession, in the UK :>at least, is considered to be the case when we have two successive quarters :>where economic growth is negative (or not positive?), I'm sure US is similar :>if not the same. :>
:>The BBC shouldn't be reporting it in that manner, where did you see it? : :"Latest Headlines" section of Firefox... : : : :which quotes Europeon banks... I find it hilarious that they bought :bad US mortgage paper ;-) : :Then I googled on "jobless rate" UK and got the 5.5% number. : : ...Jim Thompson
Jim, I think it is a little more than just European banks saying this. It is also the opinion of Bruce kasman, chief economist at JP Morgan and Carl Lantz at Credit Suisse in NY. Reuters news reports that jobless rate is at a 2-1/2 year high with job losses in Jan - Feb and March. 80,000 non farm jobs lost in March alone, the highest loss in 5 years. It certainly does look like a recession in the making - if it is not alrady there.