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July 25, 2008 7:45:11 AM CDT

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Job Losses Don't Add Up to Recession... Yet

Posted Sep 8, 07 5:00 PM CDT in US,  Business 

(Newser) – Eye-popping job numbers rippled through Wall Street yesterday, but analysts pooh-pooh recession fears as premature. “I think it is important we take a deep breath before screaming ‘A recession is now around the corner!’” one expert says. Four thousand lost jobs may be the worst depletion in 4 years, but leave out government hiring and jobs were actually increased last month.

Fewer teachers in class explains much of the drop, but analysts say that their return this month may be balanced by jobs lost in the recent credit crunch. Despite such fluky factors, observers say that “the degree of weakness is too severe to dismiss,” and warn that “there are still shoes to drop.” A federal rate cut may help those shoes from hitting the floor, Reuters reports.  

Source Reuters

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FILE PHOTO Reuters Announces More Job Cuts Amid Record Loss   (Getty Images)
BIZ WRK-MONEYLAUNDERING 4 MI   (KRT Photos)
NEW YORK, NY -- Thousands of demonstrators hold pink slips up along Broadway in downtown Manhattan, New York, on Wednesday September 1, 2004, representing Americans who have lost their jobs in the las   (KRT Photos)
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