Jobs Report Should Allay Concerns Over Double-Dip Recession — For Now

On Thursday, the market's sharp decline had analysts and observers rushing to make proclamations of an imminent double-dip recession. Writing in the Financial Times earlier this week — before Thursday's mini-crash — economist Larry Summers pegged the chances of a double-dip at one in three. Others suggested that the decline, combined with a rash of punk data, was a sign that the U.S. had never left recession in the first place.

But this morning's jobs figure, combined with data that was generally ignored among Thursday's market carnage, should lead us to ratchet down our fear of an imminent recession. The economy may have slowed, and the future is uncertain. But if you want a double-dip this summer, you'll have to go to Carvel.

Sick & Tired wrote:funny how the numbers always change for the better at the exact right moment.

Despite the positive data, experts remained skeptical.

"Come on! Tell me who these new hires are," said Todd Schoenberger, managing director at LandColt Trading. "A number (which still isn't anywhere near normal for a recovery period) surprised like this after the data we received, not to mention the significant layoff announcements we've been hearing about lately, just doesn't seem to add up."