As expected, the second big economic shoe dropped this week and hit with a resounding thud: another big job loss in March and an even bigger one in February than was previously announced. Add that to news this week of a downturn in manufacturing and what do you get? Two important recession signals flashing the same message: Danger Will Robinson!
...
Here's what matters in trying to figure out where the economy is heading, the four main indicators of recession:

1. Employment - the number of jobs created each month
2. Industrial output -- mainly manufacturing
3. Personal income -- think monthly paycheck
4. Business sales -- wholesale and retail

The Hays Files: Shades of recession