Fears of Recession from Employment Data

U.S. recession fears mounted Friday as employment fell in February at its fastest rate in five years, suggesting that the housing and credit crunch is gripping the broader economy.

The data further cemented Wall Street expectations for additional Federal Reserve rate cuts when officials meet in less than two weeks and in the months that follow. Financial markets even raised their already aggressive rate-cut forecasts in the wake of the report. * From WSJ.com