Posted by: Marshall Sponder | February 5, 2008

Stock Market’s down on Weak Business Survey data 2-5-08 – not convinced we’re in a recession yet?

More bad news as Markets Fall Sharply on Weak Business Survey as noted by the New York Times today. I read Paul Krugman’s columns and blog posts in the New York Times and looked to see what he had to say about the Services Plunge today – and he had something to say right away – Services take a plunge. Seems to me we’re certainly in a recession by now, perhaps more than a recession – maybe a depression, for some – but it’s too early to say.

Here’s what Krugman had to say about Services taking a plunge today:

The ISM survey of services has plunged.

A bit of history: back in 2003 a surge in this index signaled the beginning of the “Bush boom”, which was never that much of a boom but at least marked the end of the alleged-recovery-that-felt-like-a-recession that had prevailed since late 2001. Now it has fallen off a cliff.

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Uh-oh

Update: Here’s the employment component since 1997.

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