Recession Officially Here?

The latest Wall Street Journal economic forecasting survey had 71% of 51 respondents say that the economy is now in a recession.

Tumbling retail sales tell a tale of weakening consumer spending, the primary driver of U.S. economic growth. Falling home prices, high gasoline prices, and the credit crunch all way into the picture.

Unemployment continues to be on the rise, with last Friday’s employment report showing a loss of 63,000 jobs in February. This was a second consecutive monthly decline.

On the brighter side, many believe that the 2nd half of 2008 will be better off then the first half. The US Government’s stimulus package alongside rate cuts could help push things into a better light.

Tomorrow at 8:30 AM watch for the CPI report to come out. The market is expecting .3%.