More signs of a recession:
The nation shed jobs in January, the government reported yesterday, the first monthly loss since 2003, providing fresh evidence that the housing downturn and credit crisis have spread to the job market.
Economists have been counting on steady growth in wages and the number of jobs to keep American households afloat even as their homes become less valuable and the stock market slumps. The net loss of 17,000 jobs in January undermines that expectation, putting even more pressure on Congress to agree on a stimulus plan. Economists had forecast a gain of 70,000 jobs.
President Bush acknowledged the weakening economy. "There are certainly some troubling signs," Bush said yesterday in Kansas City, Mo. "There are serious signs that the economy is weakening, and that we've got to do something about it."
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