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markets
by leon on February 7, 2009
The US jobless figures are getting worse, which means the country is sinking deeper and deeper. According to the latest Department of Labor statistics , 626,000 Americans filed for jobless benefits last week and 4.8 million Americans were unemployed. A more detailed breakdown from the Bureau of Labor Statistics shows that it's fairly widespread across the country, with a few exceptions.
The plight of the US auto industry and US housing mess is highlighted in Michigan which has the highest unemployment rate of 10.6% (and up from 7.4% from a year ago), followed by Rhode Island (10%), South Carolina (9.5%) and California (9.3%).
As MarketWatch points out, The Optimists would say that job losses and jobless claims typically peak before a recovery. That's very true. Trouble is no-one yet knows whether whether things have hit rock bottom
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