From a New York Times story today:
Over the last 50 years, every time job growth has been as meager as it has been over the last four months, the economy has been headed toward recession, in a recession or in the immediate aftermath of one. From early 2010 through this spring, by contrast, employment was growing fast enough to make the economy look as if it were in a recovery, albeit a modest one.
The main significance of the recent slowdown in consumer spending and other measures is that the economy may not merely be going through a weak phase that will soon pass, as many policy makers hope. Instead, history seems to suggest that the situation will probably get worse before it gets better.
The Big Board
Yesterday's closing stock prices of major newspaper publishers vs. the S&P 500 index and the Dow Jones Industrial Average:
Over the last 50 years, every time job growth has been as meager as it has been over the last four months, the economy has been headed toward recession, in a recession or in the immediate aftermath of one. From early 2010 through this spring, by contrast, employment was growing fast enough to make the economy look as if it were in a recovery, albeit a modest one.
The main significance of the recent slowdown in consumer spending and other measures is that the economy may not merely be going through a weak phase that will soon pass, as many policy makers hope. Instead, history seems to suggest that the situation will probably get worse before it gets better.
The Big Board
Yesterday's closing stock prices of major newspaper publishers vs. the S&P 500 index and the Dow Jones Industrial Average:
- Gannett: $10.55, up 6.7%
- Lee: $0.64, up 4.9%
- Media General: $2, up 0.5%
- McClatchy: $1.54, up 5.5%
- New York Times Co.: $7.69, up 4.8%
- E.W. Scripps: $7.93, up 7.9%
- S&P: 1,199, up 2.9%
- Dow: 11,415, up 2.5%
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