04 Mar
Recession Widespread And Growing, Fed Says
The U.S. recession is dragging down almost every industry in almost every part of the country and businesses do not expect conditions to improve until late this year at the earliest, according to a Federal Reserve report released yesterday.
The grim prognosis came amid new signs of deterioration in both the service sector and the job market in February. Nonetheless, the U.S. stock market yesterday leaped 2.4 percent, as measured by the Standard & Poor’s 500-stock index, buoyed by reports that China would move to further stimulate its economy. Investors also viewed favorably newly announced details of the Obama administration’s plan to prevent foreclosures. The surge on the market snapped a five-day slide.
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