Is a Recession in the Making?

William Wheaton, an economics professor at Massachusetts Institute of Technology, says there is pressure on the Federal Reserve to cut interest rates because of the downtick in jobs and problems with the housing market. He says he would be surprised if the rate isn't cut, and that it should have been cut already because the problems with the housing market are affecting the rest of the economy.

Still, he says, the report doesn't foreshadow a recession, because there has been growth in exports and hard-goods manufacturing.