The U.S. is in a recession, massive layoffs are occurring at an alarming rate, and the trend will continue into 2009. So it's time to party like it was 1999. Right? No!
By Maria A. DeGiglio
In early December, the U.S. Bureau of Labor Statistics (BLS) announced that 533,000 jobs were lost in November and the unemployment rate rose from 6.5 (in October) to 6.7 percent. The National Bureau of Economic Research also announced that the U.S. has been in a recession for about a year.
Fortunately, the BLS provides a reasonable definition of a recession. I found this enlightening (we do endeavor to educate where possible):