U.S. private sector bleeds jobs, services slump deepens

[thundley4]

NEW YORK (Reuters) – U.S. private companies hemorrhaged nearly 700,000 jobs in February and the service sector slump deepened as the year-old recession showed little sign of abating, according to data released on Wednesday.
The private sector cut 697,000 jobs versus 614,000 in January, according to an ADP Employer Services report that suggested hefty employment declines are on the way in the government's more comprehensive payrolls data on Friday.
The service sector's decline accelerated in February, according to the Institute for Supply Management, whose employment gauge also remained at a depressed level despite its improvement from the previous month.
"This is a slow "U"-shape recession," said Kurt Karl, chief U.S. economist at Swiss Re in New York. "We are still sinking. There is no sign of a bottom."

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How can it be a U-shaped recession if the bottom hasn't been reached?  Stoopid economists.

[docstew]

how is it an improvement over January when there were MORE jobs lost?  more liberal math, i guess

[Lacarnut]

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How can it be a U-shaped recession if the bottom hasn't been reached?  Stoopid economists.

Eventually it will be a U shaped but not now; could be the same old same old like with Carter/Reagan or the Newt revolution.