In March 2008, only 5 states were in recession (Arizona, California, Florida, Michigan, Nevada). Now, 27 states are in recession and 14 more are at threatened levels. So, despite what the textbook definition of a recession is, the map just answered the "Are We in a Recession?" question for you. On a technical level if I could, I would short the s* out of this map.
The Fall of Reaganomics....How the Era of Laissez Faire Came to an End
Regardless of the election outcome, the time of reaganomics is over and a new era of increased government intervention and regulation will begin. The most obvious cause: the financial meltdown. We continued with his lack of oversight and here we are today dealing with the worse financial breakdown since the great depression. For the rest of the article see http://fiscalfrenzy.com
Jobless rates jumps to 5.55% -- biggest rise since `86
The nation's unemployment rate jumped to 5.5% in May -- the biggest monthly rise since 1986 -- as nervous employers cut 49,000 jobs.
The latest snapshot of business conditions showed a deeply troubled economy, with dwindling job opportunities in a time of continuing hardship in the housing, credit and financial sectors.
"It was ugly," said Richard Yamarone, economist at Argus Research.