Economy Sheds Jobs in First Downturn in Four Years

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Economists expected some slowdown in the economy because of the turmoil in the mortgage and housing markets, but the news this morning was far worse than expected. The Labor Department said that job growth had not just slowed, but reversed course in August for the first time in four years. The country lost 4,000 jobs. The stock market swooned. Is a recession looming? David Shulman is a senior economist with the UCLA Anderson Forecast.