Economy Sheds Employment Numbers

For the very few left in the back seat saying Are we there yet? regarding a recession, this morning the government released a bleak jobs report. In the Times' report, Economy lost 63,000 Jobs in February, an economist said, "I haven't seen a job report this recessionary since the last recession."

The private sector lost 101,000 jobs last month, the biggest drop-off in five years. Retail, construction and factory jobs were hit hardest.

...Wages grew more slowly, further depressing the outlook for consumer spending over the next few months. Among rank-and-file workers — more than 80 percent of the work force — average pay grew just 0.3 percent to $17.20 an hour. Wages are effectively running flat when adjusted for inflation.

News travels fast. The dollar has already dropped against the Euro even more, creeping to $1.5459 per euro.

For people in the restaurant biz, it's a mixed bag. I was at Gotham Bar & Grill for lunch the other day (business meeting, not on my weakened dime), and it was dead. I'm sure, however, they are busy for dinner. The Chinatown hand pulled noodle shop under the Manhattan Bridge, however, was packed for lunch yesterday. Uniqlo, the Japanese clothing retaliler on Broadway, was dead. The streets of Lower Manhattan? Filled with European tourists. I'd be interested to see how this will pan out in the city. The true test will be how long the wait is tonight at Lombardi's. I'll keep you posted.