The nation’s unemployment rate bolted to 7.2 percent in December, the highest since early 1993, as nervous employers slashed 524,000 jobs.
<span id="lw_1231418235_0" class="yshortcuts">President-elect Barack Obama</span> said Thursday that the nation's recession could "linger for years" unless Congress acts to pump unprecedented sums from Washington into the U.S. economy.
From Marc Ambinder at the Atlantic Monthly: Obama has a lot to face starting January 20th. Where the discussion isn't going is the possibility that the first foreign policy crisis the administration will face will be the complete economic collapse of a large, unstable nation.
Skittish employers slashed 533,000 jobs in November, the most in 34 years, catapulting the unemployment rate to 6.7 percent, dramatic proof the country is careening deeper into recession.
More evidence of consumers’ weary state and the nation’s deteriorating job market came Thursday with reports that people continuing to draw unemployment benefits climbed to a 26-year high, while retail sales and orders to U.S. factories sank.
