Reports Show a Ramped-Up Recession
O.K., we get it: The economy is bad. The Federal Reserve, in its Beige Book report released Mar. 4, said that "economic conditions deteriorated further" in the period surveyed from January through late February. Other reports released the same day continued the same recessionary drumbeat, with ADP's February survey of U.S. private employment showing a loss of 697,000 jobs on the month, while the Institute for Supply Management's nonmanufacturing index for February showed that the service sector remained firmly in contraction mode.
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