Gillian Tett's Fool's Gold
Underbelly: Bring Me the Blog of Dan Froomkin

No, It Is Not a Sine Wave / US / Economy & Fed - Jobs data dash recovery hopes

Krishna Guha and Sarah O’Connor in Washington, Michael Mackenzie in New York and Ralph Atkins in Luxembourg write:

Jobs data dash recovery hopes: Published: July 2 2009 13:47 | Last updated: July 2 2009 21:49: Stock markets on both sides of the Atlantic tumbled on Thursday as investors took fright at a bigger-than-expected fall in US jobs last month that dashed hopes the recession was all but over in the world’s biggest economy. The data showed that the number of people in employment fell 467,000 in June and the unemployment rate rose from 9.4 per cent to 9.5 per cent, its highest for 26 years...

But what reason was there to hope that the recession was all but over in the first place? Just that the recent curve looked somewhat like a sine wave?