U.S. Labor Secretary Chao Says U.S. Not Yet in Recession
April 6, 2008 – 8:23 pm(CEP News) – Speaking in an interview with Bloomberg News, U.S. Labour Secretary Elaine L. Chao said she did not think the U.S. economy was in recession yet.She said Friday morning’s decline in nonfarm payrolls, released by the Bureau of Labor Statistics, was due partly to an autoworkers strike at General Motors, and said Thursday’s jobless claims data of 407k was not that bad.
She also said the unemployment rate remained relatively good, and that she was optimistic about the government’s fiscal stimulus package, which is expected to add 600,000 jobs to the economy, according to members of the Treasury Department.
