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NewsFlash: January 4, 2008

Jobs report flashing recession

Private sector payrolls fell 13,000 and total payrolls, up 18,000 had their worst month since the jobless recovery.  The unemployment rate rose from 4.7% to 5%.  While this is still a low level, a jump of this magnitude has historically been either a symptom or a harbinger of recession. At this point, we can almost surely put aside the question as to when the overall economic headwinds will reach the labor market.  They’re here.

In today’s  Jobs Picture, EPI senior economist Jared Bernstein puts the latest numbers into context and examines the trends behind them and where they seem to be leading.

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