Recession-3Worst fears of recession of the consumers are coming true with deepening standstill of the US economy with new evidence of falling employment and a likely recession. In a recent report, far worse than most analysts had expected has happened, with Labor Department estimating that US lost 63000 jobs in February. Crisis in the credit market continues to worsen and has become a full blown credit crunch depressing the real economy. Even independent mortgage lenders have failed to meet the demands by lenders to post more cash or pledge more assets. With no money pumping into the system and the poor job data, economy has started to go down. Experts say that though there is no direct impact of the jobs data on the Indian economy, but it would react to all the bad news from the US and as long as the recession continues in US economy in India would go down. Bureau report – NMTV

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