Tuesday, February 05, 2008
Stocks tumble as data signal recession
Stocks tumble as data signal recession
Stocks plunge, with the Dow industrials tumbling to their biggest drop
in nearly a year, after a key service sector gauge contracted in January
-- possibly signaling that the U.S. economy is already in recession.
Economic Report: U.S. ISM services-sector index plunges in January
The non-manufacturing side of the U.S. economy, which had been the
firmest pillar of the economic expansion, buckles in January, new data
show. The ISM non-manufacturing index fell to a reading of 41.9% last
month, down from 54.4% in December. It was the lowest level since
October 2001. Readings below 50% indicate most firms are contracting.
Economists called it the clearest signal to date of a recession.
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