Mar 08 2009
Just How Bad The Recession Is Getting
Recent government data reveals that 651,000 more jobs disappeared in February. The unemployment rate surged to 8.1 percent, from 7.6 percent in January. The main industries affected include manufacturing, financial services and retail.
To shed some light on how the economy has affected manufacturing, American car sales have dropped to an annual number of nine million, from some 17 million in 2007. Even if sales increase considerably, that is likely to leave a lot of unneeded auto factories.
Since the wake of the recession, the economy has eliminated 4.4 million jobs, with more than half of those positions disappearing in the last four months alone. Layoffs are multiplying because of dysfunction in the financial system, which is prompting even healthy companies to shed workers and shut down operations out of concern they may soon lose access to credit.
Most top economists assume that American fortunes will not improve until the last months of the year, as the Obama administration’s $787 billion emergency spending program begins to wash through the economy.
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