Not if you were watching the Super Bowl Giants' ticker tape parade on Broadway, but yes if you were on nearby Wall Street. News that the U.S. service sector--representing about 70% of the economy--is showing signs of weakness sent recession talk into overdrive.

Shrinking for the first time in 5 years, the sector news sent stocks to their worst day in six months. Based on January numbers from the Institute for Supply Management, recession is edging ever closer. "The (ISM) number's so terrible it's almost beyond belief, especially among the optimists," said Scott Anderson, senior economist at Wells Fargo & Co.

It gets worse. Large layoffs are coming, says national employment consulting and legal firm Career Protection. Based on its January 2008 survey of more than 1,300 corporate executives and senior-level officials, the firm is predicting a 37 percent increase in 2008 layoffs compared with 2007. The firm claims to have been “inundated” with inquiries from employees at companies that recently announced layoffs including Bear Stearns, Chrysler, Citigroup, Ford, General Motors and Sprint Nextel.

Then it improves. Based on its late-2007 poll of 250 executive recruiters, The Association of Executive Search Consultants forecasts a general upward hiring outlook for 2008. Some sector will feel the pinch, others, like health care, utilities and not-for-profits, will feel fine.

Just like the Democrats and the Republicans--can't see anything alike.

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