The latest US unemployment figures, as reported here, are a real worry. The jobless rate has climbed to 9.5% and shows no sign of slipping back. What that's telling us is the situation is getting worse. It's nowhere near as promising as the optimists claim. As the Economic Policy Institute claims, it's the first time since the Great Depression that all jobs growth from the previous business cycle were wiped out. Completely. There are now 14.7 million unemployed workers in the US, up 7.2 million from the start of the recession and it keeps going up.

The Financial Times points out the obvious in this republished form here: "It is incredible that 19 months into such a nasty recession plenty of economic indicators are still getting genuinely worse."

The manufacturing figures tell the same story. As the FT notes, inventories are falling but so are orders. "Manufacturers of oil, mineral, wood, paper and plastic products, for example, are mostly reporting growth. Companies that make things consumers want on the other hand, such as furniture, textiles, cars and electronics, are still uniformly gloomy. That is worrying."

For all the talk of recovery, all signs are saying things are getting worse.