According to an Associate Press news article, Huge Job Losses Set Off Recession Alarms, the U.S. economy lost almost a quarter million jobs in the first three months of 2008 alone. That’s a staggering rate.
Stuart Hoffman, chief economist for PNC Financial Services Group is quoted in the article as saying “It is now very clear that the fat lady has sung for the economic expansion. The country has slipped into a recession.’
Hoffman concludes, “If you’ve got a job, hang on to it the best you can.” In other words, things are about to get very ugly out there.