US Continues Economic Implosion

Job seekers queue up to attend a job fair 27 January 2009, in Chicago. The number of people receiving unemployment benefits has reached an all-time record, the government said Thursday, and more layoffs are spreading throughout the economy.


The Labor Department reported that the number of Americans continuing to claim unemployment insurance for the week ending 17 January was a seasonally adjusted 4.78 million. That's an increase of 159,000 from the previous week and worse than economists' expectations of 4.65 million.

The total released by the department doesn't include about 1.7 million people receiving benefits under an extended unemployment compensation program authorized by Congress last summer. That means the total number of recipients is actually closer to 6.5 million people.

With further momentous job cut’s in the near future as the US economic situation further implodes into a deeper depression.

As it is not also forgotten, that consumer spending is further dropping as American’s continue seeing the sliding economic downfall.

As to US President Barack Obama’s current idea of a stimulus package to shore up the problem is in the works, as it is put across in the media; apparently he has not learned anything from his predecessor or from the history of his own country.