US already one month into recession - ML's Rosenberg

US employment figures have led Merrill Lynch economist David Rosenberg to conclude the States is alre...

US employment figures have led Merrill Lynch economist David Rosenberg to conclude the States is already in its first month of recession. Rosenberg said that in the past 60 years, there has not been a time where the unemployment rate has rose 60 basis points from a cycle low without the economy slipping into recession. The unemployment rate hit 5% in December, up from 4.4% in March last year. Looking at data released last Friday, he also points to the length of time the jobless have remained unemployed. The number of people that have been out of work for 15 weeks or more has increased by ...